South Korean electronics company Samsung said that it plans to build a $17 billion semiconductor factory outside of Austin, Texas, amid a global shortage of chips used in phones, cars and other electronic devices.
“This is the largest foreign direct investment in the state of Texas, ever,” Texas Governor Greg Abbott said when announcing the project on Tuesday.
Samsung said it will start building the Texas plant next year and hopes to begin operations in the second half of 2024.
The tech company chose the site based on a number of factors, including tax breaks and the “readiness and stability” of local infrastructure, said Samsung Vice Chairman Kim Kinam, speaking alongside the Republican governor.
The White House said that US President Joe Biden's talks with South Korean President Moon Jae-in helped clear the way for the announcement.
The deal was “the result of sustained work by the administration, including engagement with Samsung” and Mr Biden’s encounter with Mr Moon, “where the two leaders announced they would facilitate mutual and complementary investments in semiconductors”, National Security Adviser Jake Sullivan and Brian Deese, the National Economic Council director, said in a joint statement on Tuesday night.
Samsung's plant would go a long way to "helping protect our supply chains, revitalising our manufacturing base and creating good jobs right here at home," they said.
They did not elaborate on what roles Mr Biden and Mr Moon played in bringing about Samsung’s decision.
The new plant is expected to create more than 2,000 skilled jobs.
The chips manufactured on the site will have applications in mobile technologies, 5G or even artificial intelligence, the group said. The plant will be built in the town of Taylor, near the capital Austin.
The company had previously explored sites in Florida, Arizona, New York and Austin, Texas, before deciding on Taylor.
Samsung said it expects to spend $17bn on the Texas project, which will make it the company’s largest investment in the US.
The company is the latest to come to the Texas capital: business software company Oracle and electric vehicle maker Tesla both announced they would be moving their headquarters from Silicon Valley to Austin.
Meanwhile, Tesla filed on Monday for approval of the first phase of its Giga Factory Texas with the state’s Department of Licensing and Regulation, which will cost roughly $1.1bn, with the hope that construction on several major elements will be completed by year's end.
Samsung said it plans to invest $150 billion globally over the next decade in developing its line of memory chips, with a potential US manufacturing expansion if tax credits can help make up for the higher costs of American manufacturing.
Agencies contributed to this report
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Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
