Korea, Netherlands forge chip alliance during Yoons state visit – Pulse by Maeil Business News Korea

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South Korean President Yoon Suk Yeol, left, and Dutch Prime Minister Mark Rutte [Photo by Reuters]

South Korean President Yoon Suk Yeol, left, and Dutch Prime Minister Mark Rutte [Photo by Reuters]

South Korea and the Netherlands announced closer ties in the semiconductor and other advanced sectors in a bilateral summit on Wednesday.

“Both leaders recognized their unique and complementary position in the semiconductor value chain, and reaffirmed their commitment to build a semiconductor alliance encompassing the participation of governments, businesses, and universities,” the joint statement said. “In this vein, the two leaders agreed to establish a bilateral semiconductor dialogue and a semiconductor talent program, and to continue and expand business-to-business cooperation.

The statement came after the bilateral summit between Korean President Yoon Suk Yeol and Dutch Prime Minister Mark Rutte in The Hague, the Netherlands, on Wednesday.

The joint statement adopted by the two countries underscore commitment to maintaining a technological edge in semiconductor advancements compared to other countries.

“The chip alliance entails discussing and resolving crucial scientific and technological issues collaboratively, closely sharing information to stay ahead, and jointly advancing cutting-edge technologies,” Yoon said during a press conference after the summit.

Prime Minister Rutte also highlighted the significant progress in cooperation over the past year and a half and emphasizing President Yoon’s contributions to the strengthened partnership.

The alliance is expected to address supply chain crises and bolster the semiconductor ecosystems of both nations.

Collaboration between Dutch equipment companies such as ASML and Korean semiconductor component counterparts is an additional step in reinforcing this partnership, with the goal of facilitating the use of Korean components in extreme ultraviolet (EUV) lithography equipment.

ASML, in particular, is the world’s sole manufacturer of EUV lithography equipment necessary for microprocessing. Its equipment costs hundreds of millions of won, but global companies are rushing to get the equipment.

Seoul and Amsterdam also agreed on a new biannual strategic dialogue by engaging industry ministers to create a foreign and industry ministerial dialogue.

This unique format, tailored to the bilateral relationship between the two countries, is anticipated to enhance strategic cooperation in the supply chain, economic security, and export controls.

By Woo Je-yoon, Lee Sae-ha, and Han Yubin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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