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South Korea can offer more to global chip supply chains, says US


A senior US diplomat on Friday mentioned that South Korea has “rather more to supply” to the global economy when it comes to semiconductor provide chains, as he referred to as for stronger bilateral ties throughout financial talks held in Seoul.

Jose Fernandez, undersecretary of state for financial development, vitality and the surroundings, made the remarks throughout a gathering with Second Vice Overseas Minister Choi Jong-moon for the sixth Senior Financial Dialogue (SED) meant to debate cooperation on world provide chains, vitality, infrastructure and know-how.

“Semiconductor shortages that have been attributable to Covid-19 put a highlight on Korea as a frontrunner and an important associate in world semiconductor provide chains,” Fernandez mentioned in his opening assertion on the session.

“We firmly imagine Korea has rather more to supply to the worldwide economic system. You’ve got received world class technical experience, high-quality clear funding and overseas laws and extra.

“This sort of cooperation brings monumental worth from Korea to its companions and to the multilateral organisations, with which it interacts,” he added.

Washington seeks to bolster its relationship with Seoul and different economies within the area amid an intensifying US-China rivalry, stories Yonhap Information Company.

Choi took observe of the Joe Biden administration’s initiatives, together with the “Indo-Pacific financial framework”, which he mentioned appears to be the US’ “umbrella” initiative.

The plan was first proposed by President Biden on the East Asia Summit in October to cowl provide chain resiliency amongst different areas of cooperation between the US and its regional companions.

Fernandez mentioned earlier teaming up for “trusted” 5G networks will probably be one of many main agenda gadgets for the assembly, expressing a US want to work with Korean firms for the next-generation telecommunication tasks.

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