SEOUL, South Korea's industry ministry said Wednesday the recently revised export controls on chips by the United States will have no significant impact on local businesses.
Overnight, the U.S. Department of Commerce announced a set of rules to update and strengthen its restrictions on the export of advanced computing semiconductors to China.
"The latest move by the U.S. to bolster its export control will have a limited impact on local businesses," the Ministry of Trade, Industry and Energy said in a statement.
"The domestic production of cutting-edge AI chips remains small, and chips for consumers are eligible to receive an exemption," it added.
The industry ministry also noted that South Korean firms have already received a verified end user (VEU) status, noting that the semiconductor equipment will not be affected as well.
The U.S. last week granted the status to Samsung Electronics Co. and LG Electronics Inc., which would allow them to obtain general authorization to secure items, instead of winning licenses individually.
"We will closely analyze the recent U.S. export control and continue making efforts to minimize its impact on local businesses," the industry ministry said. "We will collaborate closely with the U.S. to ensure the stability of the global chip supply chain and address export controls."
Source: Yonhap News Agency