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S. Korea looking for ways to minimize damage to businesses from U.S. Chips Act

All News 17:01 March 13, 2023

SEOUL, March 13 (Yonhap) -- South Korea is looking for ways to minimize damage to local businesses from the U.S. Chips Act, a presidential official said Monday.

The official told reporters the government is also "negotiating and making various efforts" to maximize the national interest in the process.

The remark came after Trade Minister Ahn Duk-geun visited Washington last week to meet with U.S. officials over the potential adverse impact of the Chips and Science Act on South Korean chipmakers.

The Chips Act calls for providing US$52.7 billion in subsidies to foreign chipmakers to help them set up factories in the U.S. on the condition they meet various requirements such as sharing excess profits, submitting data on their cash flows and profitability, and providing child care for workers.

South Korean Trade Minister Ahn Duk-geun speaks to reporters after arriving at Dulles International Airport on the outskirts of Washington, D.C., on March 8, 2023, to meet senior U.S. officials, as well as officials from major think tanks, for talks amid growing concerns over the adverse impact of the U.S. Chips Act on South Korean chipmakers. (Yonhap)

South Korean Trade Minister Ahn Duk-geun speaks to reporters after arriving at Dulles International Airport on the outskirts of Washington, D.C., on March 8, 2023, to meet senior U.S. officials, as well as officials from major think tanks, for talks amid growing concerns over the adverse impact of the U.S. Chips Act on South Korean chipmakers. (Yonhap)

hague@yna.co.kr
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