U.S. President Joe Biden and South Korean President Yoon Suk-yeol emphasized the strengthening of their countries’ strategic partnership in economic security and advanced technology, including semiconductors, electric vehicles, and batteries. Biden highlighted that Korean companies have invested over $100 billion in the United States since he took office, and both leaders have agreed to closely coordinate on the U.S. Inflation Reduction Act (IRA) and the CHIPS and Science Act to strengthen supply chain cooperation between their nations.

Biden also discussed the increased investment in the U.S. semiconductor market, clarifying that it was not designed to hurt China but to ensure access to semiconductors and boost the U.S. economy. He emphasized that this investment was generating economic growth and creating jobs in both the U.S. and South Korea. Furthermore, Biden underscored the importance of South Korea's economic growth and success in the Pacific, stating that it is in America’s interest and benefits the democratic institutions in the region.