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

President Yoon Suk Yeol and Dutch Prime Minister Mark Rutte disclosed the agreement when they issued a joint statement following their summit in The Hague on Wednesday. 

The leaders declared that they recognized their countries’ special complementary relations in terms of the semiconductor value chain and reaffirmed their joint commitment to forging a semiconductor alliance which would encompass the government, corporations and universities.  

To that end, the two countries will jointly establish a dialogue on semiconductors between their industry-related officials and create a program on fostering talents related to chip making. 

The two sides also plan on promoting an exchange of information between their governments on ways to shore up supply chain recovery as well as on strengthening cooperation on nuclear power plants’ construction, operation and safety. They also agreed to expand cooperation on carbon-free energy to achieve carbon neutrality and energy security. 

In a bid to improve their countries’ strategic partnership, Yoon and Rutte agreed to create a two-plus-two dialogue attended by their foreign and industry ministers and hold the gathering every other year. 

The two leaders also stressed the need for freedom, openness and inclusion of the Indo-Pacific region and vowed to boost cooperation on related strategies. 

They also condemned North Korea’s provocations and vowed to strengthen cooperation on ways to improve human rights situations in the North. In the statement, the Netherlands expressed its support for South Korea’s “bold initiative” which offers support to Pyongyang in return for steps toward denuclearization.