November 23, 2024

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(Yonhap)

South Korea's industry ministry said Tuesday it has discussed ways to enhance bilateral cooperation in the semiconductor sector with the U.S. chipmakers' trade association.

Deputy Minister for Trade Yang Byeong-nae met with John Neuffer, the president of the Semiconductor Industry Association (SIA), in Seoul to discuss the latest agendas, including the U.S. CHIPS Act, according to the Ministry of Trade, Industry and Energy.

During the meeting, Yang and Neuffer exchanged ideas on broadening bilateral cooperation in the global supply chain, including the chip industry.

South Korea's exports of chips jumped 66.7 percent on-year in February to $9.94 billion, growing for the fourth consecutive month and marking the sharpest increase since the 69.6 percent rise tallied in October 2017.

Yang noted that the chip industry is anticipated to further gain ground throughout 2024 on the back of the booming artificial intelligence sector.

South Korea wishes to expand cooperation with the private sector to address trade uncertainties, including key elections in major countries, he added.

The two officials also discussed ways to broaden cooperation among South Korea, the U.S. and Japan through the trilateral industry ministerial meeting scheduled to be held later in 2024. (Yonhap)