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U.S. and South Korea Agreed to Cooperate Closely in the Field of Advanced Semiconductors

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Update time : 2023-05-02 11:59:31
        South Korea's Ministry of Industry, Trade and Resources said U.S. Commerce Secretary Gina Raimondo and South Korea's Minister of Industry, Trade and Resources Lee Chang-yang agreed to "minimize uncertainty" about chipmakers' investments in the context of the U.S. Chip Act subsidies, according to Yonhap News Agency.
 
 
        South Korea's Minister of Industry, Trade and Resources Lee Chang-yang asked Raimondo to help resolve uncertainties about the subsidies' requirements for chipmakers, such as providing "excessive" company information and sharing excess profits with the U.S. government, the Ministry of Industry, Trade and Resources said in a statement. The department also said Korean companies are "highly concerned" about an export control exemption for bringing chip equipment to Chinese factories, which is set to expire in October.
        In a joint statement from the U.S. and South Korea, the two sides agreed to continue discussions on the requirements and opportunities of the Chip Act to minimize uncertainty about the investment and business burdens of companies. In addition, the two sides are cooperating on chip export controls in hopes of protecting national security while minimizing disruptions to the global semiconductor supply chain, as well as maintaining the vitality of the semiconductor industry.
        The U.S. Department of Commerce said last month that the department will protect confidential business information and expects the requirement to share excess profits to be triggered only if the project significantly exceeds projected cash flows.

 
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