Korea, US to continue discussing concerns over Chips Act: trade minister

• Published date: 10 March 2023
• Publication title: The Korea Times

Korea and the United States will continue to consult closely over Seoul's concerns regarding the U.S. Chips and Science Act, Seoul's trade minister said Thursday.

The U.S. has also agreed to closely work with South Korean chipmakers in implementing the chips act, according to Ahn Duk-geun.

"The U.S. emphasized that Korea is one of the most important partners when it comes to cooperation on semiconductors, and said it will closely consult with the government and businesses of South Korea in the process of implementing subsidies under the chips act," the trade minister told reporters.

Ahn arrived here Wednesday for talks on what he called Korea's "concerns" over the act that offers up to $52.7 billion in subsidies to chipmakers, but in exchange for what many consider business secrets.

The U.S. announced details of subsidies under the chips act last week in what is known as the Notice of Funding Opportunity or NOFO.

The Korean minister earlier noted the U.S. demand for "too much information" from Korean chipmakers has created "concerns."

"We actively asked the U.S. side that the NOFO be...