Relations with the Netherlands upgraded to 'strategic partnership'

Economy

Published: 17 Nov. 2022, 19:05 Updated: 17 Nov. 2022, 19:23

Relations with the Netherlands upgraded to 'strategic partnership'

Korean and Dutch leaders and businessmen sit together during a meeting in the Yongsan presidential office ahead of a presidential summit on Thursday. From left: ASML CEO Peter Wennink, Dutch Prime Minister Mark Rutte, President Yoon Suk-yeol, Samsung Electronics Executive Chairman Lee Jae-yong and SK Chairman Chey Tae-won [OFFICE OF THE PRESIDENT REPUBLIC OF KOREA]

Korean and Dutch leaders pledged closer cooperation on semiconductors, renewable energy and defense and elevated their diplomatic relations to a ‘strategic partnership’ during a summit meeting on Thursday.

President Yoon Suk-yeol and Dutch Prime Minister Mark Rutte met at the presidential office in Yongsan, central Seoul, their second meeting after the first gathering on the sidelines of the North Atlantic Treaty Organization (NATO) summit in Madrid back in June.

“Determined to further expand our cooperation in the fields of strategic areas of mutual interest at the bilateral, regional and global levels, as well as in jointly addressing emerging and future common challenges in the 21st century, the two Leaders agreed to elevate the bilateral relations to a Strategic Partnership,” a joint statement released by the presidential office read.

The Foreign Ministry ranks relations with countries in basically six categories. The strategic partnership is the third highest among six. The highest rank is a global comprehensive strategic alliance formed with the United States.

The change in status comes as the two countries have in common key business areas such as semiconductors.

“Both countries agreed to strengthen collaboration in the fields of semiconductors, economic security and hydrogen,” the statement said.

The Netherlands is home to chip equipment maker ASML, which provides advanced chip manufacturing equipment to Korea’s biggest chipmakers, Samsung Electronics and SK hynix. Without ASML’s lithography machine based on extreme ultraviolet(EUV), it is impossible to produce high-performing processors that power high-end smartphones supercomputers.

Ahead of the presidential summit, the two leaders had a discussion with ASML CEO Peter Wennink, Samsung Electronics Executive Chairman Lee Jae-yong and SK Chairman Chey Tae-won. The ASML executive was visiting Korea to celebrate the opening of its repair and training center in Hwaseong, Gyeonggi.

"We sat with the two country's semiconductor businessmen and shared views to enhance stability of semiconductor supply chain," Yoon said.

They could discuss ways to bolster supply chain management in the chip industry, the media reports said, as the supply of semiconductors experienced disruptions during the pandemic.

Another area of focus was clean energy with the statement citing “wind energy and hydrogen, low carbon green economy” as the targets of cooperation.

Yoon also mentioned that they brought up opportunities related to nuclear energy to achieve low carbon emission.

The statement went on to list other areas of interest, including digital innovation, smart agriculture, the space industry, the defense industry, logistics, smart port and transportation.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]