South Korea plans on strengthening cooperation with India as Seoul attempts to align with a US-led push to diversify the global supply chain away from China.
“In the era of economic security, it is essential to strengthen supply chain and science and technology cooperation with India,” said South Korean Minister of Foreign Affairs Park Jin, who was on a two-day visit to India that began on Friday.
Park said India shares universal values such as democracy, possesses enormous growth potential and is a crucial partner for South Korea, the South Koran Ministry of Foreign Affairs said in a statement yesterday.
Photo: EPA-EFE
“Business entrepreneurs who are investing and operating in India must play a crucial role in realizing this,” Park told business leaders in Chennai.
In response, delegates highlighted the importance of fostering stronger human and cultural exchanges between the two countries to boost economic cooperation.
US President Joe Biden’s administration has been seeking help from allies, including South Korea, in reducing the global supply chain’s dependence on China, while also imposing sweeping curbs on the sale of advanced semiconductor equipment.
India has been one of the beneficiaries in the broader shift, as companies such as Apple Inc increase manufacturing capacity in the South Asian nation.
Separately, US Secretary of Commerce Gina Raimondo called on European governments to work with the US to fight climate change and counter Chinese clout, the latest sign that Washington hopes allies follow its lead in passing a landmark climate bill.
The US passage of the Inflation Reduction Act rankled European leaders, who complained that it was an unfair subsidy. The Biden administration has sought to soothe that angst, while signaling that Europe should match them rather than start a trade fight.
“We need to work together, and I think whether it’s the IRA or the chips initiative, there’s opportunities for European companies and opportunities for us to work together to meet the moment with climate change and our global competition with China,” Raimondo told Bloomberg Television on Friday. “So, initial hurt feelings, maybe. But there’s a lot of good work to do together.”
She said the US approach to China is to protect US technology and national security, while promoting exports of certain goods.
She also said the US is not looking to make all semiconductor chips on its own soil, but must rely less on Asia.
“Nobody thinks that we should be making everything that we need in America,” she said. “The fact that we buy 90-plus percent of our leading-edge chips from Taiwan is also unsustainable and, quite frankly, almost dangerous.”
PATENTS: MediaTek Inc said it would not comment on ongoing legal cases, but does not expect the legal action by Huawei to affect its business operations Smartphone integrated chips designer MediaTek Inc (聯發科) on Friday said that a lawsuit filed by Chinese smartphone brand Huawei Technologies Co (華為) over alleged patent infringements would have little impact on its operations. In an announcement posted on the Taiwan Stock Exchange, MediaTek said that it would not comment on an ongoing legal case. However, the company said that Huawei’s legal action would have little impact on its operations. MediaTek’s statement came after China-based PRIP Research said on Thursday that Huawei filed a lawsuit with a Chinese district court claiming that MediaTek infringed on its patents. The infringement mentioned in the lawsuit likely involved
Taipei is today suspending work, classes and its US$2.4 trillion stock market as Typhoon Gaemi approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed income trading, statements from its stock and currency exchanges said. Authorities had yesterday issued a warning that the storm could affect people on land and canceled some ship crossings and domestic flights. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects its local chipmaking fabs to maintain normal production, the company said in an e-mailed statement. The main chipmaker for Apple Inc and Nvidia Corp said it has activated routine typhoon alert
GROWTH: TSMC increased its projected revenue growth for this year to more than 25 percent, citing stronger-than-expected demand for AI devices and smartphones The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year from 3.29 percent to 3.85 percent, as exports and private investment recovered faster than it predicted three months ago. The Taipei-based think tank also expects that Taiwan would see a 8.19 percent increase in exports this year, better than the 7.55 percent it projected in April, as US technology giants spent more money on artificial intelligence (AI) infrastructure and development. “There will be more AI servers going forward, but it remains to be seen if the momentum would extend to personal computers, smartphones and
Catastrophic computer outages caused by a software update from one company have once again exposed the dangers of global technological dependence on a handful of players, experts said on Friday. A flawed update sent out by the little-known security firm CrowdStrike Holdings Inc brought airlines, TV stations and myriad other aspects of daily life to a standstill. The outages affected companies or individuals that use CrowdStrike on the Microsoft Inc’s Windows platform. When they applied the update, the incompatible software crashed computers into a frozen state known as the “blue screen of death.” “Today CrowdStrike has become a household name, but not in