South Korea and the US will expand mutual investment and cooperate to stabilize the supply chain in strategic industries such as semiconductor and batteries, South Korean President Yoon Suk-yeol said during a summit with US President Joe Biden on Saturday.

“Currently, we are living in an era of economic security where the economy is security and security is the economy,” Yoon said. “Changes in the international trade order and disruptions in supply chains directly impact people’s livelihoods.”

He said the two nations’ alliance must also “develop and evolve” in line with the era of economic security.

Yoon said he “felt the strength of the Korea-US economic and technological alliance” at the high-tech semiconductor industry site accompanied by President Biden on Friday.

“I believe today’s meeting will be a very useful opportunity to discuss how the two countries can work together in strengthening economic security cooperation and resolving global issues,” Yoon said.

In response, Biden said, “Today, with this visit, we’re taking the cooperation between our two countries to new heights.”

“Our alliance between our countries is built upon shared sacrifice and a joint commitment to the freedom of the Republic of Korea and our firm opposition to changing borders by force,“ Biden said.

Biden said that the two nations are “working together” to take on both the opportunities and challenges of the moment -- such as facing COVID-19, securing supply chains, tackling the climate crisis and deepening security cooperation -- to meet regional challenges.

The extended talks were attended by 11 officials from the Korean side, including Prime Minister Choo Kyung-ho, Foreign Minister Park Jin, Industry Minister Lee Chang-yang, National Security Adviser Kim Sung-han, Ambassador Cho Tae-yong -- a nominee for Seoul’s ambassador to the US -- and senior economic secretary Choi Sang-mok.

Eleven people from the US were also present, including Charge d’Affaires ad interim Christopher Del Corso at the US Embassy in Seoul, Commerce Secretary Gina Raimondo, National Security Adviser Jake Sullivan, White House Deputy Chief of Staff Jen Dillon and White House Communications Director Kate Bedingfield.