{"id":2200759,"date":"2023-04-19T18:20:16","date_gmt":"2023-04-19T09:20:16","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200759"},"modified":"2024-02-06T16:41:44","modified_gmt":"2024-02-06T07:41:44","slug":"how-south-koreas-k-chips-act-balances-strategic-priorities-and-foreign-affairs","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/how-south-koreas-k-chips-act-balances-strategic-priorities-and-foreign-affairs\/","title":{"rendered":"How South Korea\u2019s K-Chips Act balances strategic priorities and foreign affairs"},"content":{"rendered":"

South Korea\u2019s K-Chips Act, which the National Assembly <\/span>passed<\/span><\/a> in late March, seeks to safeguard economic priorities and foster a vibrant semiconductor industry for the country. But the law is not just about chips, putting Seoul on a better footing to navigate the complex landscape of international trade, strategic priorities and foreign relations.<\/span><\/p>\n

The K-Chips law is emblematic of South Korea\u2019s efforts to develop a new economic security strategy in an increasingly uncertain geopolitical environment. By redoubling indigenous technological innovation, South Korea can ensure future success in the global semiconductor market and gain leverage in shaping the industry\u2019s rules and dynamics.<\/span><\/p>\n

The K-Chips Act increases the tax credit from 8% to 15% for large companies investing in manufacturing facilities for \u201cnational strategic goods,\u201d including semiconductors. Tax breaks for small and medium-sized firms will rise from 16% to 25%.<\/span><\/p>\n

The law offers a much-needed lifeline to South Korean semiconductor manufacturers facing significant challenges. Samsung Electronics \u2014 South Korea\u2019s largest chipmaker \u2014 recently <\/span>suffered<\/span><\/a> its first quarterly deficit for its semiconductor sector in 14 years, logging a 96% drop in its <\/span>first-quarter<\/span><\/a> operating profit compared to the same period last year. SK Hynix also <\/span>reported<\/span><\/a> its first quarterly deficit in 10 years in the final quarter of last year.<\/span><\/p>\n

Much of the decline is due to <\/span>falling global demand<\/span><\/a> for memory chips, of which South Korean chipmakers are the world\u2019s largest exporters. As a result, Samsung <\/span>announced<\/span><\/a> it would significantly reduce the production of its memory chips.<\/span><\/p>\n

The trend underscores that while strategic goods are often discussed in the context of national security, semiconductors remain subject to a highly volatile market. The immediate goal of the K-Chips Law is to relieve the present market pressures.<\/span><\/p>\n

BEYOND TEMPORARY RELIEF<\/b><\/p>\n

Another factor that pushed ROK lawmakers to pass this law, despite their <\/span>initial recalcitrance<\/span><\/a>, was <\/span>concerns<\/span><\/a> about potential domestic investment hollowing out as South Korean companies take advantage of U.S. subsidies under the CHIPS and Science Act.<\/span><\/p>\n

By offering tax provisions to encourage domestic investments, the K-Chips Act fulfills Yoon\u2019s campaign promise to make South Korea a \u201c<\/span>semiconductor superpower<\/span><\/a>.\u201d<\/span><\/p>\n

Semiconductors are vital to the South Korean economy, with chips accounting for 18.7% of the country\u2019s exports in 2022. A <\/span>report<\/span><\/a> by the Korea Chamber of Commerce and Industry suggests that a 10% decline in chip exports could reduce South Korea’s economic growth rate by 0.67%.<\/span><\/p>\n

To ensure the ROK remains competitive long term, the Yoon administration <\/span>announced<\/span><\/a> plans for a \u201cmega semiconductor cluster\u201d in Gyeonggi Province, focusing on logic semiconductor production. Notably, Samsung plans to take advantage of tax incentives to <\/span>build<\/span><\/a> five foundries within the complex to produce in-house designs and logic chips for other firms.<\/span><\/p>\n

This move is part of Samsung\u2019s <\/span>accelerated<\/span><\/a> efforts to <\/span>catch up<\/span><\/a> to Taiwan Semiconductor Manufacturing Company (TSMC) in the logic chips market.<\/span><\/p>\n

The law also addresses Seoul\u2019s concerns about reliance on global supply chains and the potential for external economic disruptions to impact its national economy. As such, the law will <\/span>support<\/span><\/a> South Korea\u2019s ongoing efforts to <\/span>restructure<\/span><\/a> semiconductor supply chains.<\/span><\/p>\n

The K-Chips law’s provisions and intended effects hint at how South Korea will address the contentious U.S.-China economic competition.<\/span><\/p>\n

\"\"

President Yoon Suk-yeol visits SK Silton\u2019s headquarters and meets with SK Group Chairman Chey Tae-won, Feb. 1, 2023 | Image ROK Presidential Office<\/a><\/em><\/p><\/div>\n

THE CHINA FACTOR<\/b><\/p>\n

South Korean chip manufacturers have significant business interests in China. Samsung and SK Hynix <\/span>operate<\/span><\/a> plants in Xian and Wuxi, respectively, and the Chinese market\u00a0accounts\u00a0for over 40% of ROK chipmakers\u2019 sales. South Korea also <\/span>relies<\/span><\/a> on imports of key chipmaking materials from China.<\/span><\/p>\n

The Biden administration has aggressively pursued policies <\/span>restricting<\/span><\/a> Chinese access to the global semiconductor technology supply chain. Last October, the U.S. <\/span>announced<\/span><\/a> sweeping <\/span>new restrictions<\/span><\/a> on advanced chips heading to China. The U.S. Commerce Department also recently announced \u201c<\/span>guardrails<\/span><\/a>\u201d for firms receiving CHIPS and Science Act subsidies, notably <\/span>limiting<\/span><\/a> recipients from \u201cmaterial expansion of semiconductor manufacturing\u201d in China.<\/span><\/p>\n

U.S. export control measures, including those <\/span>preventing<\/span><\/a> SK Hynix from introducing advanced semiconductor manufacturing equipment to its factory in China, have already created friction in U.S.-South Korea relations.<\/span><\/p>\n

South Korea <\/span>sees<\/span><\/a> some<\/span><\/a> of these measures as going too far in restructuring global semiconductor supply chains and hurting its economic interests. Relaxing some restrictions will likely be at the top of Yoon\u2019s agenda during his upcoming state visit to the United States.<\/span><\/p>\n

However, South Korea is not a passive player acquiescing to the U.S. strategic objectives. <\/span>Grumblings<\/span><\/a> over the U.S. chips law notwithstanding, South Korea understands the risk of relying on China for its semiconductor supply chains.<\/span><\/p>\n

China-related semiconductor supply chain disruptions directly impact South Korea\u2019s security and economic interests. Beijing\u2019s generous state subsidies create <\/span>unfair competition<\/span><\/a> and <\/span>market distortions<\/span><\/a>. Further, a Chinese invasion of Taiwan, where TSMC <\/span>operates<\/span><\/a> its largest foundry operations, would create massive semiconductor <\/span>shortages<\/span><\/a>.<\/span><\/p>\n

In such a contingency, South Korean firms\u2019 access to their factories and suppliers in China may not be guaranteed.<\/span><\/p>\n

The Yoon government notably decided to <\/span>participate<\/span><\/a> in the so-called Chips 4 grouping first proposed by the U.S., even as it faced <\/span>pressures<\/span><\/a> from China to hold out.<\/span><\/p>\n

More broadly, South Korean businesses are leaving China. Retailers Lotte and Shinsegae have <\/span>left<\/span><\/a> the Chinese market, and Hyundai has been <\/span>shuttering<\/span><\/a> its Chinese assembly plants since 2021.<\/span><\/p>\n

ROK government officials have also begun to express concern that the country\u2019s once highly profitable relationship with China might not be sustainable anymore.<\/span><\/p>\n

ROK Prime Minister Han Duk-soo <\/span>stated<\/span><\/a> last year that the Chinese economy is almost going \u201cbelly up.\u201d Choi Sang-mok, Yoon’s senior presidential secretary for economic affairs, similarly <\/span>argued<\/span><\/a>, \u201cThe era of booming exports through China that we have enjoyed over the past 20 years is coming to an end.\u201d<\/span><\/p>\n

Despite these developments, South Korea is not discounting trade with China, which remains South Korea\u2019s top trading partner. Instead, the Yoon administration faces the arduous task of balancing trade interests, strategic priorities and foreign relations.<\/span><\/p>\n

GETTING ON THE RIGHT FOOTING<\/b><\/p>\n

Restructuring global semiconductor supply chains is only in its beginning stages. <\/span>Like-minded<\/span><\/a> countries will frequently clash over issues big and small, and the overall process will involve constant bargaining. This political discussion will occur against the backdrop of a fiercely competitive global semiconductor market.<\/span><\/p>\n

South Korea must navigate the complex landscape of international trade and cooperation by balancing strategic priorities and economic interests. The K-Chips Act addresses the immediate challenges facing South Korean chipmakers. However, it should also be seen to be part of Seoul\u2019s longer term strategy to better position itself in this order-shaping process.<\/span><\/p>\n

Improving indigenous technological innovation is crucial for the ROK to ensure future relevance in the semiconductor market. Access to a robust chip manufacturing base and control of key technologies can provide South Korea with leverage and additional <\/span>bargaining<\/span><\/a> room to <\/span>shape<\/span><\/a> the industry\u2019s rules.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea\u2019s K-Chips Act, which the National Assembly passed in late March, seeks to safeguard economic priorities and foster a vibrant semiconductor industry for the country. But the law is not just about chips, putting Seoul on a better footing to navigate the complex landscape of international trade, strategic priorities and foreign relations. The K-Chips […]<\/p>\n","protected":false},"author":10407,"featured_media":2202800,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,28],"class_list":["post-2200759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"\nHow South Korea\u2019s K-Chips Act balances strategic priorities and foreign affairs - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/how-south-koreas-k-chips-act-balances-strategic-priorities-and-foreign-affairs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How South Korea\u2019s K-Chips Act balances strategic priorities and foreign affairs - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s K-Chips Act, which the National Assembly passed in late March, seeks to safeguard economic priorities and foster a vibrant semiconductor industry for the country. 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