{"id":2204702,"date":"2024-04-16T08:00:31","date_gmt":"2024-04-15T23:00:31","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204702"},"modified":"2024-04-17T21:49:11","modified_gmt":"2024-04-17T12:49:11","slug":"south-koreas-industries-minister-meets-us-officials-to-discuss-chip-subsidies","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/04\/south-koreas-industries-minister-meets-us-officials-to-discuss-chip-subsidies\/","title":{"rendered":"South Korea\u2019s industries minister meets US officials to discuss chip subsidies"},"content":{"rendered":"

South Korea\u2019s Minister of Trade, Industry and Energy Ahn Duk-geun <\/span>visited<\/span><\/a> Washington, D.C. from April 10 to 12 to discuss cooperation in advanced industries and clean energy with U.S. Commerce Secretary Gina Raimondo and Energy Secretary Jennifer Granholm.<\/span><\/p>\n

Ahn also met with Senator Marsha Blackburn (Tennessee) and several members of the U.S. House of Representatives: Buddy Carter (Georgia\u2019s first congressional district), Rudy Yakym (Indiana\u2019s second congressional district) and Earl Blumenauer (Oregon\u2019s third congressional district and the chairman of the Ways and Means Subcommittee on Trade).<\/span><\/p>\n

Ahn requested their support for South Korean companies investing in the U.S., addressed concerns regarding the U.S. Inflation Reduction Act (IRA) and CHIPS Act and agreed to hold the second U.S.-ROK Supply Chain and Commercial Dialogue and the first U.S.-ROK-Japan Industry Ministers\u2019 Meeting in the first half of the year.<\/span><\/p>\n

Why It Matters<\/b><\/p>\n

Following Ahn\u2019s trip, the U.S. Department of Commerce announced<\/a> it would provide Samsung Electronics up to $6.4 billion in direct funding under the CHIPS and Science Act for its semiconductor facilities in Texas<\/span>.\u00a0<\/span>This grant, part of the U.S. CHIPS and Science Act, aims to bolster semiconductor production in the U.S. and highlights the importance of U.S.-ROK cooperation in advanced industries.<\/span><\/p>\n

The U.S. government\u2019s earlier decision to provide <\/span>$6.6 billion<\/span><\/a> in direct funding to TSMC Arizona also highlights the increasing competition South Korean chipmakers face in the U.S. market. With TSMC planning to invest more than $65 billion in three leading-edge fabs in Arizona, Samsung faces heightened pressure to maintain its position in the industry. Samsung plans to more than double its U.S. investment to $44 billion.<\/span><\/p>\n

Ahn\u2019s visit to the U.S. and his discussions with key U.S. officials and lawmakers are crucial for ensuring that South Korean companies receive fair treatment and benefits from U.S. legislation. As the U.S. aims to produce roughly 20% of the world\u2019s leading-edge chips by 2030, South Korean companies face intense competition from TSMC\u2019s expanding presence in the U.S.<\/span><\/p>\n

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

South Korea\u2019s Minister of Trade, Industry and Energy Ahn Duk-geun visited Washington, D.C. from April 10 to 12 to discuss cooperation in advanced industries and clean energy with U.S. Commerce Secretary Gina Raimondo and Energy Secretary Jennifer Granholm. Ahn also met with Senator Marsha Blackburn (Tennessee) and several members of the U.S. House of Representatives: […]<\/p>\n","protected":false},"author":10407,"featured_media":2204703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28,29],"class_list":["post-2204702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"\nSouth Korea\u2019s industries minister meets US officials to discuss chip subsidies - 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\/2024\/04\/south-koreas-industries-minister-meets-us-officials-to-discuss-chip-subsidies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s industries minister meets US officials to discuss chip subsidies - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Minister of Trade, Industry and Energy Ahn Duk-geun visited Washington, D.C. from April 10 to 12 to discuss cooperation in advanced industries and clean energy with U.S. Commerce Secretary Gina Raimondo and Energy Secretary Jennifer Granholm. 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