Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Vaccine, chips, North Korea on agenda for Seoul-Washington summit
South Korean President Moon Jae-in and U.S. President Joe Biden / Yonhap
By Nam Hyun-woo
By Nam Hyun-woo
Vaccine sharing, chip investments and the North Korea issue are projected to top the agenda for this week's summit between President Moon Jae-in and U.S. President Joe Biden.
Officials in both countries' presidential offices are already dropping hints at a bilateral vaccine partnership, and this move is anticipated to be backed by South Korean chipmakers' substantial investments in the U.S. Building from cooperation in these areas, the leaders of the two nations are expected to explore measures to encourage North Korea to return to talks.
According to Cheong Wa Dae, Moon will have a summit with Biden at the White House on May 21 (U.S. time). This summit will be Moon's first in-person meeting with Biden since the latter took office on Jan. 20, and Moon will be the second foreign leader to have an in-person summit with the U.S. president, following Japanese Prime Minister Yoshihide Suga.
The two countries' COVID-19 vaccine partnership is anticipated to be the top priority. Recently there has also been speculation that Korea could become a vaccine production hub in Asia, with investments from foreign pharmaceutical companies.
“The U.S. has the core technology and raw materials for COVID-19 vaccines, while South Korea's biologics production capacity is the second-largest in the world,” presidential chief of staff for policy Lee Ho-seung said during a radio appearance last week. “When those two aspects are combined, South Korea could be a global hub for vaccine production, so (the summit) could be an opportunity to realize this vision.”
U.S. Vice President Kamala Harris has also dropped hints about vaccine talks happening during the summit. During her meeting with U.S. Congressman Andy Kim last week, Harris said she will meet South Korean government officials and discuss the issue of sharing vaccines with Seoul ahead of Moon's visit to Washington.
While the U.S. is sitting on an abundance of vaccine doses, South Korea has been struggling to secure enough doses to meet the government's goal of achieving herd immunity by November.
Against this backdrop, the two countries are reportedly preparing for a memorandum of understanding between their respective disease control authorities to enable a so-called vaccine swap, under which the U.S. would provide its surplus vaccines to South Korea during the first half of this year, and Seoul would return the favor after producing or importing enough vaccines during the second half of this year.
A cargo plane unloads 438,000 doses of Pfizer's COVID-19 vaccine at Incheon International Airport, May 12. Courtesy of the Ministry of National Defense
A vaccine partnership may be possible in return for South Korean chipmakers' anticipated large investments in the U.S., which appear to be a response to the U.S. bid to take control of the global semiconductor supply chain again.
An unofficial delegation comprised of business tycoons is set to accompany Moon at the summit. Though the members of the delegation are yet to be decided upon, it is expected to include SK Group Chairman Chey Tae-won, Samsung Electronics Vice Chairman Kim Ki-nam, LG Energy Solution President Kim Jong-hyun and a number of other chip, battery and biopharmaceutical company chiefs.
Samsung Electronics is currently considering spending 20 trillion won ($17.7 billion) to expand its semiconductor foundry plants in Texas.
U.S. news outlets are reporting that the U.S. Department of Commerce plans to hold a meeting to talk about chip shortages with semiconductor companies across the world, including Samsung Electronics, on Thursday, a day before the Moon-Biden summit. Given the fact that the Biden administration held a similar meeting last month, and global chipmakers such as TSMC and Intel announced investment plans after the meeting, Samsung Electronics is anticipated to announce its U.S. investment plan after Thursday's meeting.
Based on these reciprocal actions, Moon and Biden are expected to explore ways of reviving the mood of peace on the Korean Peninsula.
During a press conference last week, Moon said he believes the Biden administration's new North Korea policy is “another chance” for Pyongyang to resume dialogue, and he will “explore various ways to entice the North to come forward for talks, during the upcoming summit” with Biden.
The Biden administration has recently completed its North Korea policy review and offered hints that the U.S. will focus on a “calibrated and practical approach that is open to and will explore diplomacy.” Moon said he welcomes such a policy, as it shows that Seoul and Washington are on the same page in handling North Korea issues.
However, questions remain because some U.S. lawmakers and human rights advocates are denouncing South Korea's new law of banning activists from flying anti-Pyongyang leaflets and other materials into North Korea. Moon stressed that such activities do no good for inter-Korean relations, while the U.S. lawmakers are criticizing the law for supposedly violating freedom of speech.
Discussions on addressing the North Korea issue may be expanded by involving Japan in the talks. Kyodo News reported Saturday that Moon, Biden and Suga are planning to meet on the sidelines of the G7 summit, to be held in the U.K. next month.
Citing sources, the news agency reported that the agenda for the potential trilateral meeting will include North Korea's nuclear and missile threats.