South Korea and the Netherlands agreed Wednesday to deepen technology cooperation in advanced industries, including the semiconductor and quantum sectors, as part of efforts to respond to the global supply chain restructuring, according to Kyodo.

The two sides signed a letter of intent for the initiative during a biennial joint innovation committee meeting held in The Hague, according to the Ministry of Trade, Industry and Resources.

The ministry said the bilateral cooperation is expected to help both countries boost their industrial competitiveness amid an intensifying global tech war.

"South Korea and the Netherlands have continued to expand their cooperation for industrial technology development over the past 10 years, and we hope the latest joint innovation committee meeting becomes the starting point of another decade of cooperation," Choi Yeon-woo, a ministry official in charge of industrial technology, said in a press release.

Since 2016, the two countries have conducted more than 40 joint research and development projects for tech cooperation.