Yeo and Semiconductor Special Committee: "Must Secure Samsung Local Investment Incentives in the US"

[Asia Economy Reporter Koo Chae-eun] The Democratic Party's Special Committee on Semiconductor Technology has urged the South Korean government to secure various corresponding incentives from local state governments in the U.S. ahead of major investments by key domestic companies in the United States.

Byun Jae-il, chairman of the Semiconductor Special Committee, said at the committee's second meeting held on the 27th, "When our companies invest in the U.S., they bear significantly higher costs compared to investing and producing domestically," adding, "I emphasized to the Ministry of Trade, Industry and Energy what benefits should be obtained from the U.S. government."

Earlier, major South Korean conglomerates such as Samsung, SK, LG, and Hyundai agreed to invest a total of 44 trillion won in the U.S. through the Korea-U.S. summit. Among them, Samsung Electronics' foundry (semiconductor contract manufacturing) accounts for 19 trillion won, nearly 50% of the total investment in the U.S. Chairman Byun said, "From the companies' perspective, those (benefits) are a very concerning part," and added, "Since this issue was discussed in meetings involving the Minister of Trade, Industry and Energy and the U.S. Secretary of Commerce, our government said it would continue consultations."

Chairman Byun also stated, "To create the best environment for business and a good production base domestically, the government and the National Assembly should jointly review the supply of production water, power supply, wastewater treatment, securing manpower, and securing materials, parts, and equipment (Sobu-jang)," adding, "Whether it is Samsung Electronics or SK Hynix, conditions must be created to continuously expand production facilities domestically."

Moon Seung-wook, Minister of Trade, Industry and Energy, emphasized, "We will do our best together with the party to ensure the smooth implementation of the 'K-Semiconductor Strategy' to further strengthen the domestic semiconductor production base," and added, "We will continue consultations with the U.S. through bilateral cooperation channels such as the Korea-U.S. Industrial Cooperation Dialogue to ensure that the achievements from the U.S. visit lead to tangible results and that follow-up measures proceed without delay."

This content was produced with the assistance of AI translation services.