The presidential office said on Wednesday that semiconductor manufacturing facilities owned by South Korean companies in China are unlikely to have disruptions in operations in relation to the guardrails of the U.S. CHIPS Act.
Senior Presidential Secretary for Economic Affairs Choi Sang-mok said in a press briefing that Seoul received an advance briefing from the U.S. on the key points of the guardrails, stressing that the government has been in close communication with Washington regarding the matter.
The presidential secretary said the guardrails don't restrict investment in major technology upgrades and equipment replacement, which reflects South Korea's demands.
Choi said that President Yoon Suk Yeol had requested South Korean companies receive sufficient support during his summit with U.S. President Joe Biden and during meetings with U.S. politicians including Vice President Kamala Harris.
He added that on the order of President Yoon, the top office has been closely consulting with the White House and the National Security Council channel.