Government Responds to U.S. 'Semiconductor Data Request' Pressure: "Consulting Through Various Korea-U.S. Channels"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (second from the right), is presiding over a meeting of related ministers (Nokshil meeting) to review major issues in the external economic sector at the Government Seoul Office in Gwanghwamun, Seoul, on October 7, 2021. 2021.10.7 [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The government has begun full-scale responses regarding the U.S. semiconductor confidentiality demands on domestic companies such as Samsung Electronics. Based on the 'Korea-U.S. Semiconductor Cooperation Partnership' established during the Korea-U.S. summit in May, the government plans to consult through various channels and strengthen communication with the domestic semiconductor industry.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, presided over a meeting of related ministers (Green Room Meeting) at the Government Seoul Office on the morning of the 7th to discuss these response measures, the Ministry of Economy and Finance announced. The meeting was attended by related ministry officials including Moon Seung-wook, Minister of Trade, Industry and Energy; Kim Hyun-soo, Minister of Agriculture, Food and Rural Affairs; Koo Yun-cheol, Director of the Office for Government Policy Coordination; as well as senior Blue House officials such as Ahn Il-hwan, Senior Secretary for Economic Affairs; Nam Young-sook, Economic Advisor; and Kim Hyung-jin, Second Deputy Director of the National Security Council (NSC).

The attendees comprehensively reviewed the recent status and progress of the global semiconductor supply chain and major countries' responses, and discussed the government's future response plans. They also announced that the same issue will be a key topic at the upcoming External Economic Security Strategy Meeting scheduled for mid-month. The External Economic Security Strategy Meeting is a ministerial-level meeting chaired by Deputy Prime Minister Hong, where ministers from economic, diplomatic, and security departments gather to discuss related issues.

Additionally, the government reviewed the trends of new membership discussions by China, Taiwan, and others regarding the consideration of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The Ministry of Economy and Finance stated, "Based on previous discussions, we reviewed the economic and strategic impacts of joining and focused on discussing the future promotion schedule."

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