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Moon says S. Korea's economy depends on chipmaking industry

All News 16:08 April 15, 2021

SEOUL, April 15 (Yonhap) -- President Moon Jae-in pledged strong and various support Thursday for South Korea's semiconductor sector, calling it a core national strategic industry to decide the fate of the nation's economy.

He was chairing a rare "expanded meeting" of economy-related ministers at Cheong Wa Dae. It was joined by the chief executives of eight local firms, including Samsung Electronics, SK hynix and Hyundai Motor.

The president pointed out at the start of the session that the global economy is now going through a "colossal transformation."

He called for "one team" efforts from the corporate world and the government to ride out the "tough wave of changes and to seize opportunities."

"The move of the global supply chain being reorganized is most distinctive in the semiconductor sector," Moon said.

It represents a "key national strategic industry" to decide the present and future of South Korea's economy, he added.

President Moon Jae-in makes opening remarks during an expanded meeting of economy-related ministers held at Cheong Wa Dae on April 15, 2021. (Yonhap)

He stressed that South Korea should continue leading the global chip supply network and vowed "strong support" for the local industry.

"The government will explore various measures to help it keep the world's No. 1 ranking and widen the gap (with other countries)," Moon said.

Moon's statement came days after U.S. President Joe Biden declared a plan for aggressive investment in chip infrastructure during a virtual meeting with a group of corporate leaders, including Samsung.

President Moon Jae-in talks with the CEOs of South Korean firms ahead of an expanded meeting of economy-related ministers held at Cheong Wa Dae on April 15, 2021. (Yonhap)

lcd@yna.co.kr
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