Democratic Party Visits Samsung Electronics: "We Will Prevent Korean Companies from Becoming Pawns in US-China Hegemony"

Democratic Party Livelihood Committee "Semiconductor Competition on a Knife-Edge... Samsung Electronics' Role is Crucial"

Kim Tae-nyeon, Chairman of the Democratic Party's Committee on Livelihood and Economic Crisis Measures, is attending the 'National Assembly Members Economic Seminar - The Economy is the Democratic Party!' seminar held at the National Assembly on the 9th, delivering a greeting./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] On the morning of the 23rd, the Democratic Party's Livelihood Economic Crisis Countermeasures Committee met with Lee In-yong, President of Samsung Electronics, and others, promising to "do our best to prevent our companies, including Samsung Electronics, from being caught as victims in the US-China technological hegemony competition." The committee visited Samsung Electronics to review the domestic industry's response strategies amid intensifying global technological competition between the US and China and to explore ways to enhance the competitiveness of domestic equipment and networks.

Kim Tae-nyeon, Chairman of the Democratic Party's Livelihood Economic Crisis Countermeasures Committee, along with Secretary Hong Seong-guk and lawmakers Cho Seung-rae and Lee Dong-joo, visited Samsung Electronics' Suwon plant located in Yeongtong-gu, Suwon-si, Gyeonggi-do, to convey this message.

On the day, Chairman Kim stated, "The core of the US-China hegemony struggle ultimately lies in semiconductors," adding, "If we fall behind in semiconductors, we will inevitably be pushed out of major industries across the Fourth Industrial Revolution." He continued, "At times like this, balanced diplomacy without bias toward any particular country must be supported. However, the Yoon administration insists only on an ideology-driven diplomatic line rather than practicality." He emphasized, "One thing the Yoon administration does not understand is that the economy always prioritizes national interests. The same applies to technological alliances. Exclusive alliances based on national interests are common sense."

Chairman Kim also said, "To wisely overcome the risks of the US and China’s massive nationalism, diversification of global supply chains and markets is the only answer," adding, "This is a critical turning point where the government and companies must become one team. Samsung’s role, which possesses semiconductor design technology, has become even more important."

Furthermore, he noted, "Samsung Electronics has expanded the Pyeongtaek campus and established the Giheung semiconductor R&D complex amid the massive complex economic crisis," expressing, "We expect Samsung’s efforts to become a new vitality for our economy." In a subsequent closed-door meeting, Samsung Electronics reportedly requested support for semiconductor manufacturing facilities and workforce development.

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