The summit between South Korean President Yoon Suk Yeol and U.S. President Joe Biden has paved the way for the "world's best" bilateral semiconductor partnership, the finance ministry said Sunday.

President Yoon returned home Sunday from a six-day state visit to the United States, together with the chiefs of the country's four major conglomerates Samsung, SK, Hyundai Motor and LG Group.

In one of the visit's major achievements, Seoul and Washington agreed to build a partnership in case of any disruptions in the global supply chains of the cutting-edge semiconductor industry, the Ministry of Economy and Finance said in a statement.

The two countries agreed to cooperate in the fields of next-generation semiconductors, cutting-edge packaging and high-end materials RandD projects to secure leadership in the semiconductor sector, the statement said.

They also agreed to minimize the uncertainties and business burdens of South Korean chipmakers in doing business in the U.S. with regards to the Chips and Science Act, it said.

The Chips act is aimed at boosting the U.S. semiconductor industry by offering ample subsidies to global chipmakers to build chip plants on its soil.

Source: Yonhap News Agency