Economy News

Samsung: $17 billion plant in Texas


Samsung Electronics announced on Tuesday that it would invest $17 billion on a semiconductor manufacturing plant in Taylor, Texas. The initiative is to help the U.S. cope with the current shortage of semiconductors. Which is causing delays in several industries.

samsung semiconductor plant

According to Kinam Kim, vice-president of Samsung’s electronic devices division, the new factory, which is to open by the end of 2024, would be able to create more than 2,000 qualified jobs. And “lay the foundations for a new chapter” for the company.

The devices created on this site will have applications in mobile technology, 5G, and artificial intelligence, according to the company.

Moreover, this investment would “assist in protecting our supply chains, revitalizing our industrial base. Furthermore, it will help “creating good jobs on the ground,” according to a statement from two of President Joe Biden’s top advisers, Brian Deese for economics and Jake Sullivan for security.

A shortage of electronic components is currently affecting manufacturers of autos and other businesses in Asia. It has been forcing them to halt production. Indeed, the majority of electronic sectors, such as smartphones and computers, rely on chips. Demand for them is skyrocketing due to the pandemic.

The two advisers emphasized that the day’s announcement was the result of conversations between the two countries’ heads of state.

Biden’s efforts.

Samsung, which has been in the United States for 25 years, filed applications for this project with the Texas Department of Transportation back in January.

The group was looking for tax credits worth more than 800 million dollars over the course of 20 years from the state’s authorities. Furthermore, it stated that his decision between Arizona, New York, and South Korea had not yet been made.

The new plant will be 25 kilometers from an existing location in Austin, Texas’ capital.

For MetaNews.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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