South Korean Finance Minister Hong Nam-ki said on Monday the country plans to cooperate closely with local chipmakers to respond to the US’ latest request for them to share information on their supply chains.
The U.S. Department of Commerce has recently asked global chipmakers, including Samsung Electronics, to share information on inventories, demand, and other details by November 8 to “help improve trust and transparency within the supply chain.” The request spawned concerns about the leak of chipmakers’ major trade secrets.
Hong said at a ministerial meeting on the economy and security that the government will strengthen its cooperation with local chipmakers to tackle the matter.
“There is a need to deal with the issue by taking into account companies’ sensitive information and the government’s support measures to ease corporate burdens,” Hong said, adding that South Korea will continue to consult with the U.S. over the matter.
The minister relayed South Korean chipmakers’ concerns about Washington’s request during his meeting with U.S. Treasury Secretary Janet Yellen in Washington, D.C. last week. It remains unclear how Yellen responded to the chipmakers’ concerns.
Samsung Electronics and SK Hynix Inc. have said they have nothing to say about the U.S.’ request, adding that they need to review the issue.
Hong said the government will keep communicating with chipmakers beyond the November 8 deadline to map out measures to ease their financial burdens, according to the finance ministry.