Anchor: South Korea and the U.S. agreed to continue efforts to alleviate concerns of South Korean businesses over the U.S. CHIPS Act and the Inflation Reduction Act in a summit on Wednesday. It appears, however, that they formed little consensus on any immediate relief for South Korean companies anxious about guardrails against China and tax credits that leave out its carmakers.
Kim In-kyung has the details.

Report: Tackling the U.S. Chips Act and the Inflation Reduction Act, aimed at reshoring and realigning the global supply chain away from China, had been at the top of President Yoon Suk Yeol’s agenda as he set out on his state visit to the U.S. Yoon and President Joe Biden promised further consultations, but seem to have made little headway on the matter.

In a joint press conference following an 80-minute summit in Washington on Wednesday, Yoon said that the legislation allows the two countries to work together on supply chains. 

[Sound bite: President Yoon Suk Yeol (Korean-English)]
"We have agreed to consult and coordinate closely so that the U.S. Inflation Reduction Act and the CHIPS and Science Act can further strengthen supply chain cooperations between the two countries in advanced technology. Furthermore, we plan on ramping up partnerships in cutting-edge technology. We have agreed to establish a dialogue for next-generation emerging and core technology between the U.S. National Security Council and the Korea Office of National Security, pertaining to chips, batteries, biotechnology, quantum science, and other cutting-edge technologies, with the aim of promoting joint R&D and experts exchange."

President Joe Biden, for his part, said that the CHIPS Act creates jobs in both nations and that economic growth in South Korea is also beneficial to the U.S. The American president, meanwhile, denied that the act is aimed at China and was instead designed to secure a more stable semiconductor supply chain which was an issue during the pandemic. 

[Sound bite: US President Joe Biden]
"And it’s generating significant economic growth in America and not hurting anybody. And, by the way, it’s creating jobs in — in South Korea. It’s creating jobs in South Korea — and not just with SK, but — anyway —with Samsung and other — other industries. So, I think it’s a win-win."
"Oh yes, it is very much in America’s interest for Korea to do well, and very well, because they are one of our most valued partners. And so I think the combination of growing democracies in the democratic institution as well as their economies is overwhelmingly for the benefit of the United States, whether it’s in South Korea or Australia, and indeed in the South Pacific." 

A joint statement issued after the summit said that the two presidents committed to continue consultations to ensure the acts encourage mutually beneficial corporate investment in the U.S. by creating predictable conditions for business activities. 

Yoon’s visit comes as the South Korean economy is on an uncertain footing, with exports falling for the sixth consecutive month in March. 

South Korea secured five-point-nine billion dollars in U.S. investment during Yoon's U.S. trip, including two-point-five billion dollars pledged by Netflix and one-point-five billion dollars by Corning. 
Kim In-kyung, KBS World Radio News.