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US to Grant Samsung Electronics $6.4 Bln in Subsidies

Written: 2024-04-15 19:13:04Updated: 2024-04-15 19:29:19

US to Grant Samsung Electronics $6.4 Bln in Subsidies

Photo : YONHAP News

The U.S. government has decided to grant Samsung Electronics subsidies of more than six billion U.S. dollars.

U.S. Commerce Secretary Gina Raimondo announced on Sunday that the U.S. will award the South Korean electronics giant six-point-four billion dollars in line with the CHIPS and Science Act. 

According to Raimondo, the new investment will support two chip production facilities, a research center and a packaging facility while also allowing Samsung to expand its semiconductor facility in Austin, Texas. 

Raimondo said the new investment would help create a “state-of-the-art semiconductor ecosystem” in Texas, adding that with such creation the world’s most cutting-edge semiconductor chips will be manufactured in the U.S. 

With the subsidies, Samsung Electronics plans to invest 45 billion dollars through 2030 to fund its new chip manufacturing hub in Taylor, Texas, and expand an existing site in Austin. That’s more than twice the investment it had revealed two years ago. 

The latest investment is the third largest to be granted by the U.S. government for semiconductors followed by an investment for Intel and Taiwan's TSMC. 

On the subsidies, U.S. President Joe Biden said Samsung’s investment is another example of how his "Investing in America agenda" and South Korea-U.S. alliance are creating opportunities in every corner of America.

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