By Kang Yoon-seung
SEOUL, Oct. 18 (Yonhap) — South Korea’s Ministry of Trade, Industry and Energy has announced that the recently revised export controls on chips by the United States will have minimal impact on local businesses.
The Department of Commerce in the U.S. declared new rules to strengthen its restrictions on the export of advanced computing semiconductors to China.
“The latest action taken by the U.S. to bolster its export control will have a limited effect on local businesses,” the Ministry of Trade, Industry and Energy said in a statement. “The domestic production of cutting-edge AI chips remains small, and chips for consumers are eligible to receive an exemption.”
The industry ministry also noted that South Korean firms have already been given a verified end user (VEU) status, meaning that the semiconductor equipment will not be affected as well.
The U.S. last week granted the status to Samsung Electronics Co. and LG Electronics Inc., allowing them to obtain general authorization to secure items, instead of winning licenses individually.
“We will carefully analyze the recent U.S. export control and continue making efforts to minimize its impact on local businesses,” the industry ministry said. “We will collaborate closely with the U.S. to ensure the stability of the global chip supply chain and address export controls.”
The headquarters of the Ministry of Trade, Industry and Energy in the central city of Sejong (Yonhap)
colin@yna.co.kr
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