ALBAWABA- The Biden administration is set to unveil a $6.6 billion grant to South Korean tech giant Samsung next week. The grant aims to boost chip production in Taylor, Texas, as part of efforts to strengthen the semiconductor industry in the United States.
Commerce Secretary Gina Raimondo will announce the support, which will fund the construction of four facilities in Taylor.
These include a $17 billion chip manufacturing plant announced by Samsung in 2021, alongside additional factories, an advanced packaging facility, and a research and development center.
This move comes amidst a flurry of grants aimed at bolstering chip production and scientific advancement in the U.S. It reflects a broader strategy to encourage domestic chip manufacturing and attract investment away from China and other regions.
US Congress recently passed the Chips Act, allocating $52.7 billion to boost domestic semiconductor production. Additionally, $75 billion in government loans were approved, although Samsung reportedly plans to forego these loans.
The Chips Act seeks to reduce the U.S.'s reliance on China and Taiwan for semiconductor manufacturing, where the country's share of global capacity has declined significantly over the years.
The announcement signals a significant step in the Biden administration's efforts to strengthen America's semiconductor industry and secure its technological future.
