S. Korean President Moon, Dutch PM Rutte vow to bolster collaboration on chip production

South Korean President Moon Jae-in and Dutch Prime Minister Mark Rutte pledged to bolster cooperation on semiconductor production during a virtual summit.

The two nations celebrate the 60th anniversary of bilateral ties this year.

The leaders vowed to coordinate in tackling global chip shortage and extend their partnership into other futuristic fields such as smart farming, city development, and hydrogen-powered vehicles.

They also discussed bilateral and regional issues, including climate change, vaccine partnership, and peace talks on the Korean Peninsula.

The Netherlands' direct investments in South Korea totaled $588 million last year, the largest among EU nations.

The trade volume between the two countries surged over 20 percent from $8.43 billion in 2019 to $10.21 billion in 2020.

Last year, South Korea’s imports of semiconductor equipment reached $4.1 billion.

The two leaders have previously had two in-person, both in 2018, during the PyeongChang Winter Olympics and a G-20 summit.