Korea, US to discuss 'concerns' over US Chips Act: trade minister

• Published date: 09 March 2023
• Publication title: The Korea Times

There exist concerns over the United States' Chips and Science Act that it may require too much information in exchange for U.S. government subsidies, Korea's Trade Minister Ahn Duk-geun said Wednesday.

Ahn said he plans to discuss such concerns with his U.S. counterparts after arriving in Washington on a three-day visit.

"The two governments of Korea, the U.S. and their industrial sectors have been working together to build a semiconductor supply chain, but there now exist concerns" due to the recently published details of the Chips and Science Act, Ahn told reporters.

The U.S. announced details of the act last week that will provide up to $52.7 billion in subsidies, along with tax incentives, to chipmakers who set up production facilities in the U.S.

Those that receive U.S. subsidies will be barred from making new investments to produce chips in China for the next decade, while they are required to take part in U.S. research and development projects and share any excess profit.

"This is a highly volatile industry, and so issues related...