Preliminary agreement proposes investing $6.4 billion into facility construction and expansion in Texas.
The Department of Commerce announced that it has reached a non-binding domestic manufacturing agreement with Samsung. The preliminary agreement proposes investing $6.4 billion into the electronic company, funding the construction of three semiconductor research facilities, a packaging facility, and the expansion of their existing manufacturing hub in Austin, Texas.
“I signed the CHIPS and Science Act to restore U.S. leadership in semiconductor manufacturing and ensure America’s consumers, businesses, and military maintain access to the chips that underpin our modern technology,” said President Joe Biden. “This announcement will unleash over $40 billion in investment from Samsung, and cement central Texas’s role as a state-of-the-art semiconductor ecosystem, creating at least 21,500 jobs and leveraging up to $40 million in CHIPS funding to train and develop the local workforce.”
As the Lord Leads, Pray with Us…
- For Secretary Raimondo and Commerce Department officials as they facilitate domestic production of semiconductors.
- For the president and his economic advisors to receive God’s wisdom as they deliberate decisions regarding the microchip supply chain.
Sources: Department of Commerce
