Global semiconductor players on Thursday released a joint statement in Seoul agreeing to work together to advance semiconductor technology over the next decades.

The representatives from China, Taiwan, the European Union, Japan, the U.S. and Korea gathered on Tuesday at the general meeting of the World Semiconductor Council, a global institute for the global semiconductor industry.

Releasing the Seoul Declaration at the end of the one-day meeting, they vowed to make concerted efforts to promote an open market, encourage collaboration among the WSC members, and commit to conducting fair and safe business practices.

“The Seoul Declaration reaffirms our commitment to the prosperity of the world’s semiconductor sector,” said Park Sung-wook, chief executive of chipmaker SK hynix at the annual meeting.

“The semiconductor technology will be the basic and vital element of new IT solutions in various areas including artificial intelligence, the Internet of Things and health care,” he added.

He said the new chip technology will also create growth momentum for other industries since they will enable the production of smarter and more energy efficient products.

The SK hynix CEO serves as one of the six chairmen of the WSC. The CEOs and top executives of global chip companies, including HHGrace, Etron, Infineon, Toshiba, and GlobalFoundries, took part in the general meeting. This year marks the 20th anniversary of the establishment of the WSC.

In a press interview after the meeting, the SK hynix CEO emphasized the importance of fair, and transparent support of the Chinese government for Chinese semiconductor firms.

China has rolled out a series of government policies that boost the nation’s manufacturing sectors, including the semiconductor business, in recent years. The Chinese government has set up a national industry investment fund of $19 billion for local foundries and integrated chip firms.

Jun Young-hyun of Samsung Electronics hinted that the company would put more focus on beefing up safety measures at chip business sites, saying he was impressed by EU representative Arunjai Mittal’s remarks that emphasized the importance of worksite safety.

Arunjai Mittal is also a board member of chipmaker Infineon.

Earlier this year, Samsung reached an agreement with the family members of former Samsung workers who died of deadly diseases, including cancer and leukemia, after working at the firm’s semiconductor factories.

By Kim Young-wo (wone0102@heraldcorp.com)