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President Yoon Visits the Netherlands to Stabilize ASML Semiconductor Sales

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President Yoon Seok-yeol and his wife Kim Geon-hee arrive at Seoul Airport in Seongnam, Gyeonggi Province, after 7 days returning from UK and France. They are seen disembarking from Air Force One on November 26, 2023. [Photo=Presidential Office]

[iNews24 Reporter Kim Bo-seon] President Yoon Seok-yeol and his wife are set to embark on their final destination of the year, a state visit to the Netherlands, on December 11th.

Invited by King Willem-Alexander of the Netherlands, the main purpose of this trip scheduled from today until December 15th, is to stabilize the ‘global semiconductor supply chain.’

The Netherlands is a global powerhouse in semiconductors, with various companies involved in every major semiconductor value chain that includes semiconductor design and manufacturing equipment.

The country is home to ASML, the exclusive producer of extreme ultraviolet (EUV) lithography equipment, a key process for advanced semiconductors below 7nm. Other leading companies include ASM, the world’s top deposition equipment company, and NXP, the world’s number one automotive semiconductor company. Together, they form an industry-academia cluster with Eindhoven University of Technology, Delft University of Technology, and the nearby IMEC, a comprehensive semiconductor research institute.

Ahead of his state visit, President Yoon stated in an interview with AFP, “The Netherlands and South Korea share the understanding that economy is security, and security is the economy. We will discuss strengthening our partnership in the economic security field as a top priority.”

He further emphasized, “As the competition for dominance in emerging technologies intensifies between nations and regions, the strategic importance of the semiconductor industry is greater than ever. This visit holds special significance in this context.”

President Yoon also pointed out that “semiconductors are being highlighted as strategic assets in terms of industry, technology, and security,” and that geopolitical risks surrounding the global supply chain are increasing.

He stated, “The global environment surrounding the semiconductor industry, such as the competition for technological dominance and the restructuring of the supply chain, is changing rapidly. I expect that this visit will provide a more systematic institutional framework to address global semiconductor supply chain issues.”

On the first day of his official schedule on December 12th (local time), President Yoon plans to visit ASML, the world’s top semiconductor lithography equipment company, to bring in Korean investment. He will be the first foreign head of state to inspect the ASML ‘clean room.’ Accompanying him will be Lee Jae-yong, chairman of Samsung Electronics, Chey Tae-won, chairman of SK, and Peter Wennink the CEO of ASML, among other representatives of major semiconductor companies from both countries.

With President Yoon’s visit as a catalyst, the two countries are expected to explore more advanced cooperation measures, such as strengthening mutual supply chain cooperation in the field of advanced semiconductors and fostering talent and joint research.

Upon arriving in Amsterdam, Netherlands, President Yoon is scheduled to host a dinner meeting and meet with local compatriots. The following day December 12th, he will have lunch hosted by King Alexander, visit the ASML headquarters, and then move to The Hague on the 13th to meet with the speakers of the Dutch Upper and Lower Houses. On the same day, he will have a private meeting with Mark Rutte, the Prime Minister of the Netherlands. Immediately after the meeting, a joint press conference and a signing ceremony for a memorandum of understanding (MOU) between the two countries will take place. President Yoon will then return to Amsterdam to attend the ‘Korea-Netherlands Business Forum’ with about 200 people from both countries.

By. Bosun Kim

inews24
content@viewusglobal.com

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