Dutch chip maker ASML, together with Samsung Electronics, is investing 1 trillion South Korean won ($760 million) in the construction of a plant for the development of advanced semiconductor technologies in South Korea.

The statement was made during a four-day visit by South Korean President Yoon Suk-yeol to the Netherlands, which aims to establish a “semiconductor alliance” between the two countries, reports CNBC. ASML is the only manufacturer in the world of the lithographic UV printing machines needed to produce the most advanced chips, such as those used in the latest Apple iPhone models, manufactured by Taiwan’s TSMC.

Samsung is the world’s largest manufacturer of dynamic random access memory chips used in consumer devices such as smartphones and computers. South Korean chip manufacturers rely on ASML machines to produce faster and more efficient chips than their competitors.

On Tuesday, Yoon visited ASML’s headquarters with King Willem-Alexander of the Netherlands and toured the next-generation electric vehicle production site. He said the visit to the Netherlands will help both countries “create a well-organized institutional framework that will work intensively on global semiconductor supply chains,” even as semiconductors become strategic assets and geopolitical risks related to global supply chains increase.

“An order of magnitude cheaper than ASML.” Canon is preparing a quiet revolution in the market of machines for the production of chips