Yoon-Lutte Prime Minister, Korea-Netherlands Summit... "Upgrading to Strategic Partnership"

Strengthening Complementary Cooperation Between the Two Countries in the Semiconductor Sector
Establishing Communication Channels for New Nuclear Power Plant Construction Projects and Supporting Nuclear Cooperation
Efforts to Enhance Freedom and Solidarity as Key Countries in the Indo-Pacific and Euro-Atlantic Regions

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 17th, President Yoon Suk-yeol held a summit with Mark Rutte, the Prime Minister of the Netherlands, who officially visited Korea, and agreed to elevate the Korea-Netherlands relationship to a strategic partnership.

President Yoon announced this during a joint press conference with Prime Minister Rutte after their summit at the Yongsan Presidential Office. A strategic partnership signifies cooperation beyond simple economic collaboration, encompassing comprehensive areas such as politics, security, and culture.

President Yoon emphasized, "Regarding new challenges such as North Korea's nuclear and missile threats, the Ukraine war, global supply chain disruptions, the energy crisis, and the crisis of democracy, both countries agreed to further strengthen their partnership based on shared values as core members of the global free alliance."

The two leaders agreed on the importance of the economic security partnership between Korea and the Netherlands. President Yoon stated, "We decided to further enhance the mutually complementary cooperation between the Netherlands, a powerhouse in semiconductor production equipment, and our country, a leader in semiconductor manufacturing," adding, "Cooperation in the semiconductor sector between the two countries, which hold key positions in the global semiconductor supply chain, will also contribute to stabilizing the global supply chain." He also introduced, "Before the summit, the two leaders met with semiconductor industry representatives from both countries and exchanged views on government-private sector cooperation measures for stable semiconductor supply chain management amid the global semiconductor supply chain restructuring."

ASML, a semiconductor manufacturing equipment company based in the Netherlands, is the world's largest semiconductor equipment manufacturer by market capitalization, holding a 91% market share in the lithography equipment market and exclusively supplying extreme ultraviolet (EUV) lithography equipment essential for ultra-fine semiconductor processes. Because of this, global semiconductor manufacturers such as Samsung Electronics and Taiwan's TSMC are competing to secure ASML's EUV equipment.

Regarding the nuclear power sector, President Yoon explained, "The two leaders agreed on the increasing importance of nuclear power amid the global energy crisis and decided to establish communication channels related to the Netherlands' new nuclear power plant construction projects to support nuclear cooperation between the two countries." Furthermore, he added, "We also agreed to continue strengthening cooperation in advanced technology fields such as the hydrogen economy, which could be a future energy market game changer, smart agriculture, and the space industry."

The two leaders agreed to continue efforts to strengthen freedom and solidarity as key countries in the Indo-Pacific and Europe-Atlantic regions. President Yoon expressed, "We share the recognition that North Korea's unprecedented ballistic missile provocations and nuclear threats seriously undermine peace and stability in the region, and we will lead a strong and unified international response to any major provocations, including North Korea's seventh nuclear test." He also stated, "We agree that as the Ukraine war prolongs, international support will become increasingly important, and we will continue to support efforts to restore peace and freedom to the Ukrainian people."

President Yoon also conveyed, "We will further strengthen the partnership between our two countries to establish a rules-based international order, and as part of this, we have agreed to co-host the 'Ministerial Meeting on Responsible Use of Artificial Intelligence (AI) in the Military Sector,' scheduled to be held early next year in The Hague, Netherlands."

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