Samsung to bring $17bn chip plant to Texas

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(Last Updated On: 2021-11-24)

Samsung has announced plans to build a new $17 billion chip plant in Texas, the South Korean electronics giant’s largest-ever investment in the United States.

According to reports, the new plant is expected to create 2,000 technology industry jobs, with construction beginning in early 2022. It will be operational by the second half of 2024.

Samsung, like several of its competitors, is racing to expand chip production in the United States in order to address supply chain issues.

“With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain,” Kinam Kim, chief executive of Samsung electronics device solutions said.

The development comes amid American President, Joe Biden’s push for chip giants to increase their production in the country.

White House officials said the new facility would help “protect our supply chains, revitalise our manufacturing base and create good jobs”.

“Increasing domestic production of semiconductor chips is critical for our national and economic security,” US Commerce Secretary Gina Raimondo said separately.

Greg Abbott, the Republican governor of Texas, tweeted, “Welcome to Texas, Samsung!” as he posted photos of an event to announce the plan.

Another statement from the governor’s office stated that the company would receive a $27 million grant for job creation in the state.

According to reports, the chips produced at the new facility will be used in a variety of technologies such as mobile, 5G, high-performance computing, and artificial intelligence.

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The latest announcement, according to the company, takes its total investment in the world’s biggest economy to $47bn.

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