By Kim Hyun-bin

Samsung and SK are seeking to increase cooperation with Japanese companies to secure supplies of semiconductor materials and equipment.

Since the Yoon Suk-yeol administration took office, Korea-Japan economic cooperation has been accelerating, with some business meetings taking place between the two countries.

Many industry officials believe there is a high possibility Samsung Electronics Vice Chairman Lee Jae-yong will travel to Japan. SK Group Chairman Chey Tae-won is planning to visit in June.

Lee aims to enhance relations with Japanese firms to stabilize the supply of semiconductor materials and equipment, as uncertainty has been rising around the world.

Samsung Electronics Vice Chairman Lee Jae-yong

Although Japan's competitiveness in semiconductor manufacturing has deteriorated compared to the past, it is still evaluated as having the world's top level of technology for semiconductor manufacturing equipment and the resists (thin layers) used to form silicon wafers and circuits, as well as semiconductor surface abrasives.

After the Korean Supreme Court's 2019 ruling on compensation for surviving South Korean victims of wartime forced labor by Japan companies, the Japanese government retaliated by regulating the export of certain semiconductor materials, parts and equipment. However, the restrictions are starting to ease.

According to a study by the Institute for Foreign Economic Policy, 100 percent of laser cutting machines for semiconductors imported over the past two years came from Japan.

In addition, the import amount of photoresists from Japan, an essential element for the semiconductor exposure process, increased from 861 tons in 2019 to 954 tons in 2021, and the import amount increased from $268.42 million in 2019 to $367.23 million in 2021.

This is why industry officials believe there is a high possibility that Vice Chairman Lee will visit Japan to check the supply chain as economic exchanges between the two countries are becoming active again.

Chey, who is also chairman of the Korea Chamber of Commerce and Industry (KCCI), is also expected to visit Japan to commemorate the 100th anniversary of the Japan Chamber of Commerce and Industry (JCCI).

Earlier this month, the KCCI held a luncheon meeting at the 63 Building in Seoul, inviting a delegation of the Japanese Oriental Medical Association to Korea to attend the inauguration ceremony of Korean President Yoon Suk-yeol.

KCCI Chairman Chey Tae-won

"At the Korea-Japan business meeting held last November, we proposed establishing a cooperation platform at the level of the two countries' economic circles. I hope this will be of great help to bilateral cooperation," Chey said. "The 100th anniversary of the JCCI is said to be in June, and we plan to make a visit."

Other economic groups are continuing to strengthen economic cooperation between Korea and Japan.

The Federation of Korean Industries (FKI) and the Japan Federation of Business Organizations, a group of Japanese entrepreneurs, have resumed the Korea-Japan Business Meeting after three years.

According to business circles, the FKI has agreed to resume the business meeting as early as next month with the Japan Economic Association, and is currently adjusting the details.