Today, U.S. Department of Commerce Secretary Gina Raimondo and Korean Minister of Trade, Industry, and Energy Ahn Duk-geun held the second United States-Korea Supply Chain and Commercial Dialogue (SCCD) Ministerial Meeting. They reviewed the progress made to deepen bilateral economic and commercial cooperation between the two countries.
The meeting highlighted advancements in several SCCD working groups, including Advanced Manufacturing and Supply Chain Resilience (with a focus on semiconductors), Dual-Use Export Controls, Healthcare and Healthcare Technologies, and the Digital Economy. They also directed staff to continue discussions through a critical minerals Sub-Working group to enhance U.S.-Korea collaboration in this area.
Secretary Raimondo and Minister Ahn noted significant progress in semiconductor investment cooperation. The Department of Commerce recently signed preliminary memoranda with Samsung Electronics to support a cutting-edge ecosystem in Central Texas and with Absolics, an affiliate of Korea-based SKC, to develop advanced packaging substrates technology in Georgia. This progress was celebrated at the U.S.-Korea SCCD Semiconductor Forum, co-hosted by the Semiconductor Industry Association and Korea Semiconductor Industry Association, which highlighted cooperation in supply chain, workforce development, and R&D.
The officials also recognized increasing momentum in the SCCD Healthcare and Healthcare Technologies working group. Notable events included a joint telehealth virtual showcase in May 2024 and a U.S.-Korea Biopharma Roundtable at the 2024 BIO International Convention in San Diego. They committed to further cooperation in healthcare innovation and supply chains. Additionally, the Advanced Manufacturing working group saw significant outcomes, such as the October 2023 Additive Manufacturing Industry Showcase, which involved over 100 U.S. and Korean companies exploring market opportunities.
Acknowledging the need to protect critical and emerging technologies, the Secretary and Minister agreed to continue cooperation under the Dual-Use Export Controls working group to address national security threats while minimizing supply chain disruptions.
Further discussions included current and future cooperation in the Digital Economy working group, focusing on standards-related activities and collaboration between Korean and U.S. industrial artificial intelligence companies.
Lastly, Secretary Raimondo and Minister Ahn committed to exploring collaboration opportunities in third countries, aiming to enhance economic opportunities by increasing access to investment and global markets.
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