(MENAFN) According to a statement released on Monday, the US government will offer up to USD6.4 billion in direct funding to South Korean technology giant Samsung for chip manufacturing in Texas. This initiative falls under the CHIPS and Science Act, as confirmed by the Commerce Department, aiming to bolster the resilience of the US semiconductor supply chain, enhance its technological leadership, and bolster the nation's global competitiveness.
Samsung is anticipated to inject over USD40 billion into the Texas region in the forthcoming years, with the proposed investment expected to facilitate the creation of more than 20,000 jobs.
The investment proposal encompasses the production of cutting-edge chips in the US, the establishment of two new logic fabs, a research and development fab, an advanced packaging facility, and the expansion of Samsung's existing facility in Austin.
"These facilities will support the production of some of the most powerful chips in the world, which are essential to advanced technologies like artificial intelligence and will bolster U.S. national security," President Joe Biden stated in a White House release.
The Commerce Department announced that the United States aims to produce around 20 percent of the world's leading-edge logic chips by 2030.
"The chips that Samsung will be making in Texas are important components to our most advanced technologies, from artificial intelligence to high-performance computing and 5G communications," Gina Raimondo, Commerce Secretary, stated in a different statement.
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