Semiconductors

South Korea to Attend Initial Meet of US-Led Asian Chipmakers

 

South Korea is expected to attend a preliminary meeting for the US-led “Chip 4” group of major microchip manufacturers, including Taiwan and Japan, its foreign minister said on Thursday.

Seoul’s participation in the initial meeting of the group could heighten the stakes for South Korea as it seeks to navigate the contest between the United States and China over semiconductor and micro-processing technology.

Semiconductors are South Korea‘s No-1 export item. China is its largest trade partner, while US technology such as chip equipments are key to making chips, and both countries house major customers.

In his comments to reporters, Minister of Foreign Affairs Park Jin did not elaborate on what would be discussed other than to say the country would attend the meeting.

According to a survey of 300 exporters in South Korea by the Korea Chamber of Commerce and Industry announced on Wednesday, 53% of respondents said that South Korea should join the US-led group, 41% said it should hold off on joining for now, while 5% opposed South Korea joining.

US President Joe Biden signed into law the CHIPS Act this month that provides $52 billion in subsidies for chip manufacturing and research, as well as an estimated $24 billion investment tax credit for chip plants.

China’s Commerce Ministry said on Thursday the country opposes the new US Chips Act and will take forceful measures to safeguard its legitimate rights when necessary.

 

  • Reuters with additional editing by Jim Pollard

 

 

ALSO SEE:

 

Samsung Electronics Profit Rises 12% on Strong Chip Demand

 

Samsung Looks to Texas Tax Breaks as it Plots Chip Expansion

 

Samsung Starts to Mass Produce Advanced 3-Nanometre Chips

 

SK Group’s $22bn US Chips, Energy, Bioscience Investment Plan

 

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

Recent Posts

China Buys Russian Oil at Deepest Discount in Months

The effective prices refiners pay could exceed the $60 per-barrel cap that came into effect…

28 mins ago

EV Maker Vietnam’s First Company to List in US

If successful, VinFast will be Vietnam's first company to list in the United States

28 mins ago

Plunging Trade Risks China’s Status as the ‘World’s Factory’

China's uncompromising Covid policies, poor domestic demand and a real estate sector crash all combined…

18 hours ago

China Debt Ratio Three Times GDP in Record High – Nikkei

With private businesses reluctant to spend, local government and state-owned banks stepped into the gap…

19 hours ago

US Eases Planned Curbs Against China Chips Over Cost Fears

The move followed pushback from trade groups like the US Chamber of Commerce which argued…

22 hours ago

Asia Stocks Sink as Recession, China Covid Fears Weigh

Investors were in pessimistic mood with US banks predicting a downturn next year and worries…

23 hours ago