South Korean Industry minister vows to closely engage with new US gov’t to shake off uncertainties
Seoul, Nov 20 (IANS) South Korea’s Industry Minister Ahn Duk-geun emphasised Wednesday that the government will prioritise removing uncertainties in the semiconductor sector by closely engaging with the incoming US administration under Donald Trump.
“As the US is a major semiconductor market and a key investment destination for Korean companies, we must closely monitor any shifts in US policy and thoroughly prepare for all possibilities,” Ahn said during a meeting with officials from major South Korean chipmakers, including Samsung Electronics Co. and SK hynix Inc, Yonhap news agency reported.
“We will work to resolve uncertainties by maintaining close communication with the new US administration through various diplomatic and trade channels,” he added.
Semiconductors are South Korea’s largest export product, and concerns are mounting over possible policy changes in the US, including the introduction of universal tariffs or reductions in investment subsidies under the CHIPS and Science Act.
Samsung Electronics and SK hynix have plans to build or expand their facilities in the US.
During the meeting, industry officials urged the South Korean government to strengthen cooperation with the US administration to help ensure the stability of South Korean investments and exports.
The Korea Semiconductor Industry Association highlighted that any significant policy changes in the US would profoundly affect the global semiconductor supply chain, as South Korea, the US, Taiwan, and other major chip-producing nations are closely interconnected.
Later in the day, Minister Ahn held a separate meeting with representatives from the shipbuilding industry, which is anticipated to see greater business opportunities in the US.
Following the US presidential election, President-elect Trump emphasised the need for enhanced bilateral cooperation in shipbuilding, particularly in naval shipbuilding and the maintenance, repair and overhaul (MRO) service, during a telephone conversation with South Korean President Yoon Suk Yeol.
South Korea’s Hanwha Ocean Co. recently secured two MRO contracts with the US Navy for the regular overhaul and inspection of US naval vessels, signaling growing opportunities in the field.
“The shipbuilding industry is a newly developing area of collaboration, unlike established sectors such as automobiles and semiconductors,” Ahn said. “We must prepare more swiftly and precisely, considering the differing industrial environments, laws and regulations in the two countries.”
He called for concerted efforts to seize the opportunity to “open new markets” for the Korean shipbuilding industry.
–IANS
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