| 15 April 2024, Monday |

Samsung chooses Texas as site of new $17bn chip plant

In the midst of a global semiconductor shortage, Samsung has chosen a site near Taylor, Texas, for its new $17 billion (£12.7 billion) computer chip plant.

It is the South Korean electronics conglomerate’s largest-ever investment in the United States.

Construction on the plant, which is expected to begin early next year, is expected to create 2,000 jobs in the technology industry.

Samsung, like several of its competitors, is racing to expand chip production in the United States in order to address supply chain issues.

“With increased manufacturing capacity, we will be able to better serve our customers’ needs while also contributing to the stability of the global semiconductor supply chain,” said Kinam Kim, CEO of Samsung electronics device solutions.

The plant is scheduled to open in the second half of 2024.

It comes as US Vice President Joe Biden has been pressuring chipmakers to increase production in the US.

Officials from the White House stated that the new facility would help “protect our supply chains, revitalize our manufacturing base, and create good jobs.”

“Increasing domestic semiconductor chip production is critical for our national and economic security,” said US Commerce Secretary Gina Raimondo separately.

Greg Abbott, the Republican governor of Texas, tweeted, “Welcome to Texas, Samsung!” as he posted photos of an event to announce the plan.