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S. Korea-US to hold new talks on semiconductor supply chain cooperation

S. Korea-US to hold new talks on semiconductor supply chain cooperation
S. Korea-US to hold new talks on semiconductor supply chain cooperation

Moon Sung-wook, South Korea’s Industry Minister, has reportedly stated that the Government of South Korea and the United States would be launching new bilateral discussions next month to improve their semiconductor supply chain collaboration.

According to reports, the introductory meeting would be held on December 8th, 2021, where director-level executives from both nations, alongside representatives and officials from enterprises and other related enterprises, will meet for the first time.

As per Moon, he and his US peer, Gina Raimondo, have also come to an agreement to consider elevating the two nations' director-level commercial forum to ministerial status.

Moon claimed that in terms of semiconductors, both sides decided to establish a new semiconductor cooperation dialogue and have its initial meetup on the 8th of December 2021, further noting that the meeting would most likely be done online, virtually.

The South Korean minister arrived on Tuesday for a meeting with Raimondo. On Wednesday, Moon also spoke with US Energy Secretary, Jennifer Granholm.

According to the US commerce department, Raimondo and Moon have also agreed to broaden the nations' commercial forum to further improve their respective supply chain stability, while addressing other bilateral and regional concerns as well, including defining international standards for critical industrial sectors.

Raimondo stated that through the US-Korea Commercial Forum, the two nations have reaffirmed their commitment to work together. The party is thrilled with its early success and, as the first step, looks ahead at conducting talks on semiconductor supply chains with both US as well as South Korean enterprises in the future.

She further added that the teams have also agreed to share insights and information on mitigating the risks of supply-chain imbalances in chip capacity, covering technology and investment-related priorities, and cooperating to address the current supply chain crisis and positioning the supply chain to reduce future slowdowns.

The Moon-Raimondo meetup was held just one day after the US asked some 200 global chipmakers as well as other businesses, also including South Korea's SK Hynix Inc. and Samsung Electronics Co., to present details about their operations in order to alleviate the existing semiconductor crisis.

According to Raimondo, the US and South Korea will continue working together with the help of their joint trade forum to address supply chain concerns as well as other challenges.

Source credit: http://www.koreaherald.com/view.php?ud=20211111000130

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.