SEOUL– South Korea and the United States discussed ways Thursday to boost cooperation in the semiconductor industry and to ensure stable supply chains for chips, Seoul’s industry ministry said.
The discussions were made during the virtual working group meeting on semiconductors under the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD), according to the Ministry of Trade, Industry and Energy.
The SCCD platform was launched in May in an effort to facilitate closer bilateral collaboration on supply chain resilience, export controls, health care technology and digital economy.
During Thursday’s meeting, the two sides shared information on their policy measures regarding the sector and discussed ways to work more closely on research and development projects, according to the ministry.
They also discussed their outlook for the chip market and uncertainties in its supply chains, it added.
Also on the table was Washington’s Chips and Science Act, which calls for tax credits for corporate investment in semiconductor manufacturing in the U.S.
The act has drawn attention, as the “guardrails” in the legislation ban recipients of tax credits and other benefits from making a fresh investment regarding chips in China for 10 years.
“The two sides agreed to actively share information on industry circumstances and their policy measures, and to continue close consultation to enhance ties and launch new projects,” the ministry said in a release.
The meeting brought together Lee Yong-pil, a senior industry official in Seoul, and Bart Meroney, a deputy assistance secretary of the U.S. commerce department, according to the ministry.
Source: Yonhap News Agency