The members of the G7 are: the US, Canada, France, Germany, Italy, the UK and Japan. These seven countries along with South Korea, Australia, India and South Africa have already been discussing the security of supply of semiconductors, rare-earth elements and Covid-19 vaccines, the report said.
The report added that a joint working group with representatives of the 11 countries is expected to be formed under the auspices of the G7 with European countries likely to stress the importance of South Korea and Taiwan to the alliance.
"When it comes to the chips, they reached an agreement on the necessity of a scheme to stabilize the global supply chain and schemes for the same purpose are likely to be discussed at the summit in Cornwall," the report quoted the South Korean government as saying.
Business Korea said that South Korean chip suppliers could come under pressure to increase investment in the western hemisphere. Samsung is already planning to spend $17 billion on a next-generation wafer fab in the US, most likely in Austin, Texas.
Demand for ICs has outstripped supply since the Covid-19 pandemic has increased the pace of digitalization of society and many sectors, automotive in particular, have been forced to repeatedly halt production due to a lack of key chips.
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