Yoon's US Visit Summary: "Strengthening the Foundation for Korea-US Advanced Technology Cooperation"

Taking advantage of President Yoon Suk-yeol's state visit to the United States, South Korea and the U.S. have agreed to strengthen their cooperation framework to advance into an alliance in cutting-edge science and technology. President Yoon met with U.S. President Joe Biden and business leaders to agree on reinforcing advanced industrial supply chains and the high-tech science and technology alliance, securing investments worth $5.9 billion (approximately 7.8 trillion KRW).

According to the Ministry of Economy and Finance on the 30th, during his 7-day, 5-night state visit to the U.S., President Yoon expanded the economic cooperation base between South Korea and the U.S. in advanced industries such as semiconductors and secondary batteries. The two countries agreed to join hands to secure global leadership in the semiconductor sector by establishing R&D cooperation programs focused on three major areas: next-generation semiconductors, advanced packaging, and advanced materials, parts, and equipment. The two leaders confirmed the importance of mutually beneficial supply chains for core technologies. On the 25th, 33 business leaders representing advanced industries such as semiconductors and batteries from both countries gathered at the “Korea-U.S. Business Roundtable” and agreed to strengthen mutual cooperation.

President Biden also made a commitment to “reduce the burden and uncertainty for Korean companies” during the implementation of the U.S. Inflation Reduction Act (IRA) and the CHIPS and Science Act. He emphasized “special support and consideration” for Korean companies’ investments and business activities. However, since no concrete implementation measures were derived, evaluations suggest that follow-up discussions will be crucial going forward. At the “Global Video Content Leadership Forum,” held at the request of the Motion Picture Association (MPA), global content companies met with K-content companies to discuss cooperation plans in the content industry.

The two countries also agreed to strengthen the development of the advanced science and technology alliance. The two leaders decided to establish a “Next-Generation Core and Emerging Technologies Dialogue” between their National Security Councils (NSC) as a control tower to build and deepen the “advanced science and technology alliance” in areas such as cyber, space, and quantum technologies. They plan to achieve visible progress in core technology cooperation in semiconductors, batteries, bio, quantum, and artificial intelligence fields. Furthermore, recognizing that the Korea-U.S. cyber alliance applies to cyberspace as well, the two leaders adopted a “Cybersecurity Cooperation Framework” to jointly respond to cyber threats and deepen information cooperation based on this framework.

They signed the “Korea-U.S. Joint Statement on Space Cooperation,” which strengthens cooperation in space exploration and science, laying the foundation for collaboration between South Korea’s Aerospace Administration (scheduled to be established within the year) and NASA. Discussions were also held to further expand South Korea’s participation in the U.S. Artemis program. In the quantum field, the “Joint Statement on Quantum Science and Technology Cooperation” concretized the cooperation plans agreed upon at the previous summit.

President Yoon’s state visit also attracted a total of $5.9 billion (approximately 7.8 trillion KRW) in investments from U.S. companies including Netflix. In particular, Netflix announced on the 24th, following a meeting with President Yoon, that it would invest $2.5 billion (about 3.3 trillion KRW) in K-content. This amount is double the total investment Netflix has made in South Korea since entering the market in 2016, which was 1.5 trillion KRW. Additionally, at the “Investment Declaration Ceremony” held on the 25th, the day after the Netflix CEO meeting, six companies consecutively announced investment plans totaling approximately $1.9 billion (about 2.5 trillion KRW).

[Image source=Yonhap News]

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