U.S. President Joe Biden emphasized on the 15th (local time) that Samsung Electronics' announcement of investment in a semiconductor factory in the United States is "another example of how the 'Invest in America' agenda and the South Korea-U.S. alliance are creating opportunities in every corner of America."
On the same day, the U.S. government announced that it had decided to provide subsidies amounting to approximately 9 trillion won to Samsung Electronics. This decision was made under the U.S. CHIPS Act, following Samsung Electronics' announcement to invest in large-scale semiconductor production facilities in the U.S., with subsidies of about $6.4 billion (8.9 trillion won) to be provided.
In line with this, Samsung Electronics will expand the scale and investment targets of the semiconductor factory currently under construction in Taylor, Texas, where it is investing $17 billion (about 23.5 trillion won). The company plans to invest a total of approximately $45 billion (about 62.3 trillion won) by 2030, which is more than double the existing investment scale.
In a statement regarding this decision, President Biden emphasized, "These facilities will support the production of some of the most powerful semiconductors in the world, which are essential for advanced technologies such as artificial intelligence and will strengthen U.S. national security."
He said, "I signed the CHIPS Act to restore America's leadership in semiconductor manufacturing and to ensure that American consumers, businesses, and the military continue to have access to the semiconductors that underpin our modern technology."
He added, "However, long before this law was passed, I worked to address vulnerabilities in our supply chains. This included my visit to South Korea, where I visited Samsung Electronics' Pyeongtaek campus to see one of the world's largest semiconductor manufacturing facilities."
In May 2022, U.S. President Joe Biden visited South Korea and toured the Samsung Electronics semiconductor plant in Pyeongtaek, Gyeonggi Province. (From left) Gina Raimondo, U.S. Secretary of Commerce; President Biden; President Yoon Seok-yeol. (Second from right) Lee Jae-yong, Chairman of Samsung Group. [Photo by Yonhap News]
President Biden visited Samsung Electronics' Pyeongtaek semiconductor factory (Pyeongtaek campus) together with President Yoon Suk-yeol during his visit to South Korea in May 2022.
The CHIPS Act, considered one of President Biden's major legislative achievements, includes a total of $52.7 billion in support over five years to encourage facility investment in the U.S., including $39 billion in semiconductor production subsidies and $13.2 billion in research and development (R&D) grants.
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