[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden on the 21st (local time) called Intel's decision to invest $20 billion (about 24 trillion won) in Ohio to build a semiconductor manufacturing facility a "truly historic investment."
President Biden made this remark during a speech at the White House regarding Intel's plan to establish a new semiconductor manufacturing facility. He said, "This is one of the largest investments in semiconductor manufacturing in U.S. history," and added, "It will create 7,000 construction jobs and 3,000 permanent jobs."
He also mentioned Samsung's investment in the U.S. He said, "Last year, major semiconductor companies like Samsung and Micron pledged to build new facilities in the U.S. with an investment of $80 billion."
He expressed concerns about China, which is striving to dominate the global semiconductor market. He stated, "The U.S. used to be number one in research and development, but now ranks ninth, while China was eighth 30 years ago and is now second," and lamented, "Although we lead in semiconductor design and research, we produce only about 10%." He added, "75% of production is in East Asia, and 90% of advanced semiconductor chips are produced in Taiwan," and said, "China is doing everything it can to dominate the global market."
In particular, he urged the passage of the 'America COMPETES Act,' which provides $52 billion to expand semiconductor production in the U.S., appealing, "Let's do this for our economic competitiveness and national security."
Before President Biden's speech, the White House released a press statement praising the expansion of semiconductor chip manufacturing capacity in the U.S. The statement mentioned investment cases by Samsung and SK Hynix in the U.S.
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