During President Lee In-myeong’s visit to Silicon Valley, a senior official from the South Korean presidential office announced that the country’s leading chip manufacturers, Samsung Electronics and SK Hynix, will be making a significant chip supply deal with American technology companies.
Kim Yong-beom, the director of the Policy Office at the South Korean presidential office, revealed on Thursday that these two companies will unveil long-term storage chip supply contracts signed with their American tech partners.
“We expect to announce many significant and meaningful numbers,” he told reporters, emphasizing the strengthening of technological and economic partnerships between South Korea and the United States. However, he declined to disclose the value of the deals before the companies make their official announcements.
Kim Yong-beom also mentioned that global tech companies will announce “strategic investments” in artificial intelligence (AI) data centers, without providing specific details about these investments.
He commented that the President’s visit served as a catalyst, aiding South Korean companies in concluding protracted negotiations with their American counterparts. These statements were made ahead of President Lee In-myeong’s visit to San Francisco on Friday and Saturday.
President Lee In-myeong, on his way to South America, made a detour to California to attend a summit with leaders from South America. During his time in San Francisco, he plans to meet with several high-ranking executives from American tech companies, including Huang Renxun, CEO of Nvidia, Sam Altman, CEO of OpenAI, Dario Amodei, CEO of Anthropic, and Hock Tan, CEO of Broadcom.
He will also participate in an AI summit alongside leaders from the South Korean business community, such as Jay Y. Lee, Chairman of Samsung Electronics, Chey Tae-won, Chairman of SK Group, Euisun Chung, Chairman of Hyundai Motor Group, and Lee Hae-jin, Founder of Naver, among others.
Last month, the South Korean government unveiled an investment plan valued at least $88 billion, supported by Samsung Electronics, SK Group, and Naver. The plan aims to expand chip production, construct AI data centers, and enhance South Korea’s position as a leader in the semiconductor and physical AI sectors.