**Seoul**: On 20 October, South Korea’s Minister of Industry and Trade and the Dutch Minister of Economic Affairs discussed enhancing cooperation in trade and economic security, with a focus on the semiconductor industry, highlighting their nations’ significant trading relationship and ongoing joint initiatives.
On 20 October, South Korea’s Minister of Industry and Trade, An Deok-geun, met with Dirk Beljaarts, the Dutch Minister of Economic Affairs, during his official visit to South Korea. The two ministers engaged in discussions aimed at enhancing industrial cooperation and trade relations between their countries, particularly in areas concerning economic security and the semiconductor industry.
The meeting underscored the significant trading relationship between South Korea and the Netherlands, which ranks as South Korea’s second-largest trading partner within the European Union. In 2022, bilateral trade reached approximately $14.98 billion, while Dutch investments in South Korea amounted to $39.9 billion as of September last year. A representative from the Ministry of Industry stated, “The Netherlands is a key trading and investment partner for South Korea, and active cooperation is also taking place between companies in advanced industries such as semiconductors and batteries.”
The discussions featured a range of topics including current cooperation between Korea and the Netherlands, the status of economic security, and the intricate supply chains involved in industrial operations. Both ministers shared insights regarding policy trends and the collaborative status of their respective industrial sectors.
Minister An highlighted the ongoing research and development (R&D) initiatives focusing on fields such as information and communication technology and biotechnology, areas where both nations exhibit a pronounced demand for enhanced technological cooperation. He expressed optimism regarding the continuation of detailed discussions aimed at fostering deeper collaboration through the Korea-Netherlands Joint Innovation Committee.
Furthermore, Minister An stressed the necessity of maintaining a steady partnership between the two governments, particularly in the realms of export controls and supply chains. The two sides acknowledged that the growing uncertainty within the trade environment has elevated economic security to a pivotal issue for both countries.
In particular, An praised the advancements made in semiconductor collaboration, citing initiatives such as semiconductor dialogue and the Advanced Semiconductor Academy, which were initiated following the formation of the “Korea-Netherlands Semiconductor Alliance” in February 2023. He stated that close cooperation in the semiconductor sector is essential, especially in light of the increasing global uncertainties affecting supply chains.
Source: Noah Wire Services
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