Hong Nam-ki: "Response to US Semiconductor Information Requests Based on Corporate Autonomy, etc." (Comprehensive)

First Ministerial-Level Meeting on External Economic Security Strategy

"Comprehensive Coordination on CPTPP Accession, Economic Value, and Sensitive Sector Impact"

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said on the 18th regarding the U.S. request for semiconductor information, "It is necessary to respond based on corporate autonomy, government support, and Korea-U.S. cooperation."

◆Discussion on U.S. Semiconductor Response Direction... "Respond Based on Corporate Autonomy"

On the same day, Deputy Prime Minister Hong held the first External Economic Security Strategy Meeting at the Government Seoul Office to discuss the 'Trends and Future Response Directions Regarding the U.S. Semiconductor Information Request.'

Regarding this matter, he emphasized the need to consider sensitive corporate information issues and government support to alleviate corporate burdens, stating, "In particular, the government will strengthen communication and cooperation with the business community."

Earlier, the government discussed the U.S. semiconductor information request issue at the ministerial meeting (Green Room Meeting) on the 7th. Deputy Prime Minister Hong said, "In today's meeting, we will review progress including domestic and international industry trends, the U.S. and major countries, and focus on strengthening intergovernmental consultations and communication and cooperation with our companies."

◆Coordination on CPTPP Accession... "Comprehensive Consideration of Benefits and Risks"

Regarding accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Deputy Prime Minister Hong explained, "The government has internally prepared related systems in anticipation of CPTPP accession and has held informal consultations with CPTPP member countries externally."

He added, "Today, based on the progress and discussions so far, we plan to comprehensively coordinate the economic and strategic value of CPTPP accession, concerns such as damage to sensitive sectors, and future response and promotion schedules."

◆'Technological Hegemony' Competition Is Not Just About Money... "Protecting Core Technologies"

Deputy Prime Minister Hong mentioned the 'Strategy for fostering and protecting our technology under global technological hegemony competition,' saying, "This issue is complexly intertwined with various fields such as technology, security, industry, and trade," and "Especially recently, with supply chain restructuring, securing and protecting advanced technologies has emerged as a core issue in our external economic security."

He said, "It is urgent to prepare proactive technology acquisition measures and establish a meticulous technology safety net across ministries," adding, "Key contents include efforts to select and discover core technologies with high strategic value in preparation for accelerated technology bloc formation, establishing a personnel and technology protection system due to intensified technology theft, responding to technology standardization, and strengthening international cooperation."

◆GVC Disruptions and Inflation Spread... Comprehensive Economic and Security Response

The government decided at the External Economic Ministerial Meeting on the 27th of last month to establish the External Economic Security Strategy Meeting, a ministerial-level consultative body, to more meticulously review issues that require comprehensive consideration of economy and security, such as global value chain (GVC) disruptions and inflation spread, and held its first meeting on the same day.

The External Economic Security Strategy Meeting is chaired by the Deputy Prime Minister for Economy and consists of 11 members, including five ministers from economic departments and five officials from the National Intelligence Service, National Security Council (NSC), and the Blue House. Related ministers may attend as needed depending on the agenda.

Deputy Prime Minister Hong said, "Recently, uncertainties are deepening due to uneven recovery gaps between countries, GVC disruptions, and global inflation spread caused by supply shocks," adding, "It is necessary to develop a more meticulous response strategy from an economic security perspective for complex external economic issues to maximize national interests."

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