Samsung Electronics Is Looking To Invest $17 Billion In New Chip Plant In US: Report

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Documents filed with Texas state officials showed that Samsung is considering Austin, Texas, as one of the sites

Samsung Electronics has announced that it is planning to invest $17 billion for a new plant for chip contract manufacturing in the United States. This was confirmed by Samsung vice chairman Kinam Kim, according to South Korea’s presidential Blue House, a Reuters report said. 

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This comes amid US President Biden’s accelerated efforts to revive the US chip industry in the midst of a massive global chip supply shortage that has crippled productions for various American auto and electronics companies.

The publication added that in February, documents filed with Texas state officials showed that Samsung is considering Austin, Texas, as one of the sites for the $17 billion chip plant that the South Korean firm said could create 1,800 jobs.

The South Korean conglomerate had previously said that a shutdown caused by blackouts from a winter storm at Samsung’s existing Texas chip plant in the first quarter affected wafers corresponding to around 300-400 billion won ($266-$355 million) of damages.

Notably, South Korea’s presidential office has also said that it has requested incentives like tax deduction and stable electricity supply to allow South Korean companies to find ease in investing in the US.

President Biden had previously announced plans to invest $50 billion in semiconductor manufacturing and research. 

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