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Joe Biden tours Samsung chip plant in S.Korea amid supply chain woes
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IANS | 20 May, 2022
South Korean President Yoon Suk-yeol and his counterpart US President
Joe Biden toured a Samsung Electronics chip plant together on Friday,
demonstrating their commitment to expanding the alliance between the two
countries beyond the security sphere to global supply chains and other
key areas.
The two met at the facility in Pyeongtaek, 70
kms south of Seoul, shortly after Biden arrived in the country on his
first visit as president and only 10 days after Yoon took office,
reports Yonhap news agency.
After touring the sprawling compound
for about 20 minutes, with Samsung Electronics Vice Chairman Lee
Jae-yong guiding them, the two shared a stage to give remarks on the
deepening cooperation between the countries on semiconductors, supply
chains and on charting a future together.
"I hope that through
today's visit, the South Korea-U.S. relationship will be born again into
an economic security alliance based on cooperation on cutting-edge
technology and supply chains," Yoon said in his remarks.
"I ask
President Biden to not only provide various incentives to our
semiconductor companies for their investment in the United States, but
to also take a great interest in the investment of advanced American
material, equipment and chip design companies in South Korea," he said.
Yoon
also pledged his administration's full support for the domestic
semiconductor industry, saying he will consider the chips a "national
security asset" and provide "bold incentives."
The visit to the
chip facility was a highly symbolic move demonstrating the two
countries' solidarity in the face of rising competition from China in
securing supply chains amid a post-pandemic shortage of semiconductors,
among other key materials.
The Samsung plant is the world's largest chip production facility, accounting for 15 percent of global memory chip production.
South
Korea has the second largest share of the global chip market at 19.9
percent, after the U.S. with 49.8 percent, according to data provided by
the presidential office.
In memory chips alone, South Korea has the largest world share at 59 percent.
Biden
said the pandemic exposed the fragility of "just in time supply chains"
before Russian President Vladimir Putin's "brutal and unprovoked war in
Ukraine" further spotlighted the importance of ensuring "our economic
and our national security are not dependent on countries that don't
share our values."
"A critical component of how we'll do that,"
he said in his speech, "is by working with close partners, who do share
our values, like the Republic of Korea, to secure more of what we need
from our allies and partners, and bolster our supply chain resilience."
"The
alliance between the Republic of Korea and the United States of America
is a linchpin of peace, stability and prosperity for the region and the
world that we seek," he added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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