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Texas leaders and White House They are celebrating the news that South Korean tech giant Samsung will set up a $17 billion semiconductor plant outside of Austin.
“The largest ever foreign direct investment in the state of Texas,” Texas Governor Greg Abbott, a Republican, said Wednesday.
Samsung, the world’s largest semiconductor maker, said on Wednesday it plans to begin construction next year and be operational by 2024. Mr Abbott said this move will create thousands of jobs in his state.
The companies say the global chip shortage is making it harder for their supply chains to keep up, especially with electric vehicle ambitions.
The matter has been brought to the attention of President Biden. It seeks to boost domestic semiconductor and battery production without relying on places like China or Taiwan, which Beijing claims is a separatist region.
Earlier this year, Ford Motor Co. and SK Innovation, a South Korean company, has launched a new battery-making partnership that will generate electricity from a factory in Georgia as part of the management’s $174 billion electric car initiative.
President Brian Deese White HouseThe National Economic Council said the Samsung factory would go a long way toward “protecting our supply chains, revitalizing our manufacturing base, and creating good jobs right here at home.”
“The Biden-Harris Administration is working round the clock with Congress, our allies and partners, and the private sector to build additional semiconductor manufacturing capacity and ensure we never face shortages again,” said Mr. Deese. “Today’s announcement is the culmination of management’s ongoing work, including engagement with Samsung and the president’s meeting with President Moon of the Republic of Korea in May, where the two leaders announced that they would facilitate mutual and complementary investments in semiconductors.”
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