Yoon Concludes 3-Night 5-Day State Visit... Achievements in Diversifying Economic Cooperation and Semiconductor Alliance

A Total of 32 Contracts and MOUs... Strengthening Semiconductor, Nuclear Power, and Defense
Bridgehead for Entry into Dutch Nuclear Power Projects
Semiconductor Achievements Including Samsung and ASML R&D Centers

President Yoon Suk-yeol concluded his 3-night, 5-day state visit to the Netherlands. During this visit, President Yoon diversified economic cooperation with the Netherlands and completed semiconductor supply chains with key allies through a semiconductor alliance.

According to the Presidential Office on the 14th, a total of 32 contracts and memorandums of understanding (MOUs) were signed during President Yoon's visit: 13 between the governments and institutions of Korea and the Netherlands, and 19 between companies.

Taking advantage of President Yoon's state visit, the two countries expanded cooperation by signing contracts and MOUs not only in economic security cooperation and core item supply chain collaboration?such as establishing an economic security dialogue and building an information exchange network?but also in various fields including nuclear power, carbon-neutral energy, ICT, and defense.

President Yoon Suk-yeol and his wife Kim Keon-hee are standing at attention during the national anthems of both countries at the official welcoming ceremony held at Dam Square in Amsterdam on the 12th (local time), alongside King Willem-Alexander and Queen Maxima of the Netherlands.
[Photo by Yonhap News]

Notably, three contracts and MOUs were signed in the nuclear power sector. These include ▲a government-level 'Nuclear Power Cooperation MOU,' ▲a 'New Nuclear Technology Feasibility Study Contract' between Korea Hydro & Nuclear Power and the Dutch Ministry of Economic Affairs and Climate Policy, and ▲an MOU between Korea Nuclear Fuel and the local consulting firm NUCLIC.

The contract between Korea Hydro & Nuclear Power and the Dutch Ministry of Economic Affairs and Climate Policy focuses on investigating regulations concerning reactor safety, technical requirements, site suitability, and localization levels. The MOU between Korea Nuclear Fuel and NUCLIC is based on 'sharing regulatory information and cooperating to obtain permits for new nuclear power plant construction in the Netherlands.' Through sharing local information for new market entry by Korean companies, they can gain an advantage in bidding over competitors and facilitate entry into various nuclear power sectors.

The Netherlands, which declared carbon neutrality by 2040, is promoting the construction of two new 1000 MW nuclear power plants with a target completion year of 2035. Currently, one reactor is operating at the Borssele nuclear power plant site in Zeeland Province, and potential new nuclear power plant sites include Borssele and Rotterdam.

As the Yoon Suk-yeol administration aims to export 10 nuclear reactors by 2030 and secure overseas nuclear power plant equipment projects worth approximately 5 trillion won by 2027, this MOU is expected to serve as a foothold for penetrating the Dutch market. Previously, in June last year, President Yoon initiated nuclear cooperation during a summit with Prime Minister Mark Rutte in Madrid, Spain, while attending the NATO summit.

[Image source=Yonhap News]

Contracts and MOUs were also signed between companies and institutions of both countries in various fields such as advanced industries, carbon-neutral energy, logistics, and agriculture.

Korea Hydro & Nuclear Power signed an agreement with EZK (Dutch Ministry of Economic Affairs and Climate Policy) to conduct a 'technical feasibility study for the introduction of new nuclear power plants.' Lotte Fine Chemical and OCI-Global (chemical product manufacturers) agreed on 'clean ammonia supply and ammonia storage infrastructure cooperation.' Isol Co., Ltd. signed an MOU with ISTEQ B.V. (light source development company) for 'joint development and commercialization of next-generation EUV light sources.' G-Plus Life Sciences Co., Ltd. signed a 'high-concentration vitamin D tomato technology transfer contract and joint research cooperation' with Bayer AG (pharmaceutical and biotechnology company).

On the 13th (local time), President Yoon stated at the Korea-Netherlands Business Forum held at the Krasnapolsky Hotel in Amsterdam, "There is great potential for cooperation between the two countries in carbon-neutral energy sectors such as nuclear power, hydrogen, and offshore wind to achieve carbon neutrality and energy security," adding, "We will actively support bilateral cooperation in the Dutch new nuclear power project."

President Yoon Suk-yeol, on a state visit to the Netherlands, is wearing a cleanroom suit and posing for a commemorative photo on the 12th (local time) at the ASML headquarters in Veldhoven, together with King Willem-Alexander of the Netherlands, Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and ASML CEO Peter Wennink.
[Image source=Yonhap News]

The greatest achievement of President Yoon's state visit was the establishment of the 'Korea-Netherlands Semiconductor Alliance.' On the first day of the state visit, the 12th, President Yoon visited the ASML headquarters in Veldhoven together with King Willem-Alexander of the Netherlands, Samsung Electronics Chairman Lee Jae-yong, and SK Group Chairman Chey Tae-won. They toured ASML's cleanroom to inspect the production site of next-generation extreme ultraviolet (EUV) lithography equipment, then held meetings with CEO Peter Wennink, ASM CEO Benjamin Loh (a manufacturer of deposition equipment), and IMEC CEO Luc Van den Hove (a research institute), and attended the signing ceremony for three MOUs.

Among the MOUs signed, amid a global semiconductor workforce shortage, the governments of both countries (Korea's Ministry of Trade, Industry and Energy and the Netherlands' Ministry of Foreign Affairs) agreed to establish the 'Korea-Netherlands Advanced Semiconductor Academy,' which will provide field training opportunities for graduate students using cutting-edge semiconductor production equipment. The Advanced Semiconductor Academy will begin its first training session in the Netherlands in February next year with 100 participants from both countries.

ASML also signed an MOU with Samsung Electronics to invest 1 trillion won jointly to develop next-generation semiconductor manufacturing processes based on EUV technology by establishing a 'Next-Generation Semiconductor Manufacturing Technology R&D Center' in Korea. This is the first time ASML, an equipment company, has established an overseas R&D center jointly with a semiconductor manufacturer to develop semiconductor manufacturing processes. SK Hynix also signed an 'EUV Hydrogen Gas Recycling Technology Development MOU' with ASML. Recycling hydrogen inside EUV equipment without burning it is expected to reduce power consumption by 20% and cut annual costs by 16.5 billion won.

Especially, during the Korea-Netherlands summit held on the 13th between President Yoon and Prime Minister Mark Rutte, the two countries agreed to establish a 'semiconductor alliance.' This goes beyond typical economic cooperation, expressing a commitment to immediate and efficient response and support in the event of supply chain crises. In particular, the two countries agreed to deepen their existing 'strategic partnership' by establishing a so-called '2+2 dialogue' involving foreign and industry ministers, to hold meetings biennially.

Following state visits to the United States, Japan, and the United Kingdom this year, the state visit to the Netherlands completed the semiconductor supply chain solidarity with allied countries, forming a stronger capability to actively respond to geopolitical and supply chain risks. Park Chun-seop, Senior Secretary for Economic Affairs at the Presidential Office, said in a local briefing, "By formalizing the 'semiconductor alliance' between the two countries, a government-level semiconductor cooperation channel was established, and cooperation on core item supply chains was strengthened," adding, "A global semiconductor supply chain alliance connecting the entire cycle from design to materials, parts, equipment, and manufacturing has been completed."

President Yoon Suk-yeol, on a state visit to the Netherlands, and Dutch Prime Minister Mark Rutte are listening to questions at the joint Korea-Netherlands summit press conference held at the Prime Minister's Office in The Hague on the 13th (local time). [Image source=Yonhap News]

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