South Korea and the Netherlands have agreed to formalize a semiconductor alliance.

According to the presidential office on Wednesday, the alliance will be announced in a joint summit statement by President Yoon Suk Yeol and Dutch Prime Minister Mark Rutte on Wednesday as part of the South Korean leader’s state visit.

The office said it is likely the first time that both countries have specified such an alliance in a leaders' statement.

At a press briefing in Amsterdam, first deputy national security adviser Kim Tae-hyo said the two sides have agreed to promote cooperation in the chip sector that can execute an immediate and effective system to overcome supply chain crises as allies.

By including the alliance in the leaders' statement, the two sides have explicitly stipulated the objective, definition and method of enhancing cooperation akin to cooperation in security between countries.

In accordance with the alliance, Seoul and Amsterdam will launch an annual diplomatic dialogue on the economy and security, establish another dialogue between industry officials on policy adjustments and set up a supply chain consultative body on key items based on a memorandum of understanding.