Yoon says chip competition is ‘industrial war’

Jun 09, 2023, 08:28 am

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President Yoon Suk-yeol presides over a national semiconductor strategy meeting at the former presidential compound of Cheong Wa Dae in Seoul on June 8, 2023./ Source: Yonhap

AsiaToday reporter Lee Wook-jae

President Yoon Suk-yeol called for efforts Thursday to strengthen semiconductor competitiveness, saying, “Competition over chips is an industrial war and it’s a national all-out war.”

Yoon made the remarks while presiding over a national semiconductor strategy meeting and called for elimination of “all regulations that are obstacles.”

It was the second major high-tech industry strategy meeting after a meeting on rechargeable batteries in late April. The president called for engagement of both public and private sectors amid the intensifying global tech competition.

“The competitiveness of our high-tech industries is a pillar of our economy and is truly the root of creating quality jobs,” Yoon said. “Dealing with the macroeconomy is important, but setting the right national industry strategy can make people’s lives bright and comfortable.”

“Geopolitical issues are recently becoming the biggest management risk to businesses, but this is a problem that businesses cannot solve alone,” he said. “It is a problem that the state must resolve by strengthening cooperation and closely communicating with the United States and other allies.”

“The government should design a system that attracts companies, investment and talented people, and build infrastructure well,” the president said. “The government and the private sector should come together to overcome challenges ahead.”

Yoon also asked Financial Services Commission (FSC) Chairman Kim Joo-hyun, who attended the meeting, to “make high-tech digital firms get listed faster and design a financial support system so that funds can circulate well.”

The president also stressed the importance of solidarity and cooperation between countries, saying, “Science and technology cannot be done without solidarity between countries.”

#chip #semiconductor #high-tech #Yoon Suk-yeol