• Sat. Jun 3rd, 2023

China, South Korea agree to strengthen talks on chip market – Chinese commerce ministry


May 27, 2023

BEIJING, May perhaps 27 (Reuters) – China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor market provide chains, amid broader worldwide issues more than chip supplies, sanctions and national safety, China’s commerce minister stated.

Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Financial Cooperation (APEC) conference in Detroit, which ended on Friday.

They exchanged views on preserving the stability of the industrial provide chain and strengthening cooperation in bilateral, regional and multilateral fields, according to a statement from the Chinese Ministry of Commerce on Saturday.

Wang also stated that China is prepared to operate with South Korea to deepen trade ties and investment cooperation.

Nonetheless, a South Korean statement on the identical meeting did not mention chips, as an alternative saying the country’s trade minister had asked China to stabilise the provide of important raw supplies, and asked for a predictable company atmosphere for South Korean providers in China.

“The South Korean side expressed that communication is necessary among operating-level officials more than all industries”, not just for semiconductors, a supply with information of the matter told Reuters.
The supply declined to be identified since they had been not authorised to speak to the media.
South Korea is in the crosshairs of a tit-for-tat row among the United States and China more than semiconductors.

China’s cyberspace regulator stated final week that Micron (MU.O) had failed its network safety critique and that it would block operators of important infrastructure from shopping for from the firm.
The U.S. has pushed for nations to limit China’s access to sophisticated chips, citing a host of factors which includes national safety.

About 40% South Korea’s chip exports go to China, according to trade ministry information, when U.S. technologies and gear are essential for South Korean chipmakers Samsung Electronics (005930.KS) and SK Hynix (000660.KS).

Reporting by Ella Cao and Bernard Orr, and Joyce Lee in Soeul Editing by Kim Coghill

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