Korea, U.S. agree on Silicon Valley AI chip center for Korean firms entering market

Industry

Published: 28 Jun. 2024, 15:15 Updated: 28 Jun. 2024, 17:51

Korea, U.S. agree on Silicon Valley AI chip center for Korean firms entering market

Korea's Industry Minister, Ahn Duk-geun, rear left, and U.S. Commerce Secretary Gina Raimondo, rear right, participate in the U.S.-Korea Supply Chain and Commercial Dialogue Semiconductor Forum in Washington on Thursday. [YONHAP]

Korean chip designers will make inroads into Silicon Valley in the United States in light of widening bilateral cooperation to ensure a better chip supply chain.

The two countries agreed to set up an AI chip innovation center in San Jose by the third quarter of this year to help Korean chip-designing companies advance in the United States.

The announcement was made by Korea's Minister of Trade, Industry and Energy Ahn Duk-geun during the U.S.-Korea Supply Chain and Commercial Dialogue Semiconductor Forum on Thursday in Washington.

The center is currently receiving applications from local chip designers that need help in terms of office space, talent acquisition and sales in the United States.

The forum was organized following an agreement between the two countries last April on the creation of an event to explore ways to expand ties in the sector, the industry ministry said.

During the event, Industry Minister Ahn and U.S. Commerce Secretary Gina Raimondo as well as officials from leading chipmakers including Samsung Electronics, SK hynix, Intel and IBM shared ideas on expanding cooperation in different areas of the sector.

The Korea Semiconductor Industry Association and the U.S. Semiconductor Industry Association also signed a memorandum of understanding to hold the forum regularly and seek business partnerships in emerging sectors, including artificial intelligence.

"Korea plans to expand investment in global research and development projects, and support bilateral technology cooperation through the Global Industrial Technology Cooperation Center," Ahn said.

This center will promote the exchange of talent with master's or doctoral degrees between the two countries to address the workforce shortage in the chip industry, and will also push for joint R&D projects. Branches currently operate at Yale University, Georgia Institute of Technology, Johns Hopkins University and Purdue University.

BY JIN EUN-SOO, YONHAP [jin.eunsoo@joongang.co.kr]