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Seoul's participation in the preliminary meeting for the
so-called "Chip 4" group could heighten the stakes for South
Korea as it seeks to navigate the contest between the United
States and China over semiconductor and micro processing
technology.
Semiconductors are South Korea's No. 1 export item. China is its
largest trade partner, while U.S. technology such as chip
equipments are key to making chips, and both countries house
major customers.
In his comments to reporters, Minister of Foreign Affairs Park
Jin did not elaborate on what would be discussed other than to
say the country would attend the meeting.
According to a survey of 300 exporters in South Korea by the
Korea Chamber of Commerce and Industry announced on Wednesday,
53% of respondents said that South Korea should join the
U.S.-led group, 41% said it should hold off on joining for now,
while 5% opposed South Korea joining.
U.S. President Joe Biden signed into law the CHIPS Act this
month that provides $52 billion in subsidies for chip
manufacturing and research, as well as an estimated $24 billion
investment tax credit for chip plants.
China's commerce ministry said on Thursday the country opposes
the new U.S. chips act and will take forceful measures to
safeguard its legitimate rights when necessary.
(Reporting by Hyonhee Shin and Joyce Lee; Editing by Christian
Schmollinger)
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