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Moon says S. Korea, U.S. agreed to work for stable supply chains for semiconductors, EV batteries, medication

Diplomacy 09:57 May 22, 2021

WASHINGTON/SEOUL, May 21 (Yonhap) -- President Moon Jae-in said Friday he and U.S. President Joe Biden agreed that their countries will work together to build stable supply chains for semiconductors, electric vehicle batteries and medical supplies.

Moon made the announcement during a joint press conference with Biden at the White House following their first in-person summit, saying the importance of cutting-edge technologies has grown with the global transition to a digital era.

U.S. President Joe Biden (R) speaks during a joint press conference with South Korean President Moon Jae-in at the White House in Washington on May 21, 2021. (Yonhap)

"South Korea and the U.S. will strengthen cooperation in civil space exploration, green energy and other areas to secure global competitiveness," he said. "We also agreed to strengthen cooperation for joint entry into the overseas nuclear power plant market."

Moon was accompanied on his four-day visit to Washington by South Korean business executives from Samsung Electronics, SK innovation, LG Energy Solution and other groups.

Shortly before his meeting with Biden, Moon attended a business roundtable with executives from both countries, where the South Korean companies announced plans to invest US$39.4 billion in various chip, EV and battery projects in the United States.

Biden hailed the pledges and asked the South Korean businessmen in attendance at the joint press conference to stand up to be recognized.

"These new investments are going to create thousands of good paying jobs and jobs in the future right here in the United States," he said. "And they are going to help fortify and secure the supply chains for things like semiconductors and electric batteries."

The Biden administration has sought to tackle a global chip crisis and a looming battery shortage in the face of growing competition from China.


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