US, South Korea Commit to Supply Chain Collaboration During Industry Roundtable
The U.S. and South Korea hosted a roundtable with business leaders from both countries to stress the importance of “significant cross-border investments” and supply chain resilience, the Commerce Department said in a May 23 news release. During the May 21 roundtable -- which included Commerce Secretary Gina Raimondo and South Korea's President Moon Jae-In and Trade Minister Moon Sung Wook -- South Korean companies announced plans to invest $17 billion in semiconductor manufacturing in the U.S., the release said. The two sides also committed to collaborate on “international standards development,” an area where China has sought to lead in several advanced technology sectors (see 2103160047). Companies at the roundtable included Samsung, Hyundai, Qualcomm and General Motors.
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“The mutual investments of private companies have long made critical contributions to the strength of our countries’ respective supply chains,” the U.S. and South Korea said in a joint statement May 23. “The further collaboration between industry leaders from both countries will provide the best opportunity to ensure resilient supply chains and the competitiveness of our industries.”