South Korea Acting President: "Economic Security Strategy TF to Launch Tomorrow... Semiconductors Must Remain Strong"

Han Duck-soo Visits SK Hynix Icheon Campus
TF Including Ministers and Corporations to Launch Tomorrow
President Kwak No-jung Says, "Changes Expected, Including U.S. Tariffs"

The Public-Private Joint Economic Security Strategy Task Force (TF), chaired by Acting President and Prime Minister Han Duck-soo, will be launched on the 1st of next month. The TF, which will respond to trade issues such as the imposition of tariffs by the United States, is expected to include ministers from relevant departments as well as heads of major corporations.

Acting President and Prime Minister Han Duck-soo is speaking at the 'Semiconductor Industry Field Meeting' held on the SUPEX Center at SK Hynix Icheon Campus, Gyeonggi-do on the 31st. Photo by Yonhap News

On the same day, Acting President Han visited the SK Hynix semiconductor production facility in Icheon, Gyeonggi Province, stating, "To overcome the challenges that are coming like a tsunami to the Republic of Korea, we will launch the Economic Security Strategy TF tomorrow," and added, "Ministers in charge of various government agencies and companies that contribute significantly to the economy will start together."

Acting President Han said, "Of course, it will be a difficult challenge, but if companies and the government join forces and do their best as they are doing now, we can overcome the crisis sufficiently," and emphasized, "Just as the thousands and tens of thousands of employees who make up the SK Icheon campus work with one heart, the government will also strive to ensure that everyone forming the Economic Security Strategy TF can unite their efforts."

Earlier, on the 25th, Acting President Han held a meeting with ministers in charge of trade relations at the Government Seoul Office and decided to elevate the 'External Economic Issues Meeting,' which had been chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, to the 'Economic Security Strategy TF' chaired directly by Acting President Han.

The TF is known to include companies, research institutes, and government departments, including the four major domestic groups (Samsung, SK, Hyundai Motor, LG).

Acting President Han explained, "The government will do everything it can," and added, "We will overcome the various difficulties faced by companies together and promptly and without delay resolve the problems facing our society."

He also said, "It is very important that semiconductors, the top export industry, maintain a significant lead over the second place and remain strong," and stated, "Challenges will come, but by leveraging technology, good labor-management relations, and other factors, we must overcome the tsunami sweeping the entire world together with the government."

SK Hynix President Kwak No-jung, who accompanied Acting President Han on the site visit, said, "Thank you for your many efforts to support the industry and semiconductors, including the recent amendment of the Semiconductor Act," and added, "Changes such as those related to tariffs expected on April 2nd (in the United States) are anticipated, but if support continues, we will also live up to those expectations."