Biden touts S.Korean role in securing global supply chains -Breaking
© Reuters. During a visit by President Yoon Sukyel of South Korea and Lee Jae-yong, Vice Chairman at Samsung Electronics, to a South Korean Semiconductor Factory, the Samsung Electronics Pyeongtaek College in Pyeongtaek on May 20, 2022, Joe Biden was there.
Josh Smith and Trevor Hunnicutt
PYEONGTAEK in South Korea (Reuters). Joe Biden made his debut trip to Asia on Friday as U.S. President. He visited a large Samsung Electronics (OTC.) semiconductor plant. It was a sign of economic security, with an eye towards China and the War in Ukraine.
Biden landed at Osan Air Base of the U.S. Military in Pyeongtaek south Seoul and drove immediately to Samsung’s (KS:), the nearby factory which houses the largest global semiconductor plant. He met South Korean President Yoon Suk-yeol for the first-time in person.
The competition for advanced chips in functions like mobile, 5G and high-performance computing has made them a key point. There are also concerns about disruptions to global supply chains caused by pandemic.
Biden made remarks about the incident at the plant and said that the economic shockwaves caused by Russia’s aggression in Ukraine had further highlighted the necessity to protect critical supply chains, so the U.S.’ economy and national security do not depend upon countries “that don’t share our values.”
My view is that it’s crucial to work with people who are committed to our shared values such as the Republic of Korea.
Biden claimed that the Indo-Pacific would become the future and the moment was right for USA and its like-minded allies to partner with each other.
Both leaders visited the plant which was described as an example of the new $17billion factory Samsung will build in Taylor (Texas).
Yoon stated that she hoped Korea-U.S. relations would be revived as an economic, security and alliance built on supply chain and high-tech cooperation with the help of today’s visit.
Biden was also asked by him to offer incentives to South Korean businesses and U.S. companies to invest in the other countries.
Jay Y. Lee (Vice Chairman, Samsung Electronics) was excused Friday from an accounting fraud trial. He wanted to be there for the U.S. president’s tour.
Biden’s main theme for the trip is to counter China’s influence in the region. South Korea, however, is expected to take a more cautious tone on this topic due Beijing being Seoul’s largest trading partner.
South Korea will likely be one of the first members to Biden’s Indo-Pacific Economic Framework, (IPEF). This framework was established to establish standards for labor, environment and supply chain management.
Yoon answered reporters’ questions about Beijing’s opposition of the IPEF earlier in the week, saying that South Korea can join the framework without compromising its economic relations with China.
He stated, “It is not necessary to consider it as a zero sum.”
Hyundai Motor Co. has been developing plans for a new American electric-vehicle production plant. An announcement may be made in conjunction with Biden’s visit.
TACKLING THE NORTH KOREA
Seoul Police said that on Friday, a member from Biden’s advanced security team was detained. The accused is charged with drunkenly assaulting South Korean citizens outside of the hotel where President Obama was due to be. But, it did not seem to interrupt the president’s visit.
Biden’s Saturday meetings will continue, and the important topic of North Korea is likely to be on the top of the agenda. Kim Jong Un, the leader of North Korea’s intercontinental ballistic missile test ban was lifted and appears ready to restart testing nuclear bombs while Biden is there.
Biden’s national safety adviser Jake Sullivan stated that the U.S. will only increase its cooperation with Japan and South Korea in “the face of additional provocations by North Korea,” when asked by reporters en route from South Korea about the possibility for a weapon test.
Sullivan declared that the United States was prepared for all eventualities. China was informed by the United States that such provocations during the U.S. visits would lead to adjustments to how our military has been positioned in the area.
Yoon signaled that he will be taking a harder line against Pyongyang then his predecessor, and will probably ask Biden to help. Yoon warned that a strike could be ordered if Pyongyang is threatened with an attack. He also promised to increase the South’s ability to deter such attacks.
North Korea reported a COVID-19 epidemic in the last week. However, it ignored requests to resume diplomacy.
Although Washington stated that it was open to talks with Kim at all times, it did not offer any new suggestions on how the nation could be coaxed into dialogue. Biden decided also not to travel to the highly fortified zone demilitarized separating North and South Korea.