The Biden administration has reached an arrangement to offer up to $6.4 billion in direct financing for Samsung Electronics to establish a computersystem chip production and researchstudy cluster in Texas
ByJOSH BOAK Associated Press
WASHINGTON — The Biden administration has reached an contract to offer up to $6.4 billion in direct financing for Samsung Electronics to establish a computersystem chip production and researchstudy cluster in Texas.
The financing revealed Monday by the Commerce Department is part of a overall financialinvestment in the cluster that, with personal cash, is anticipated to surpass $40 billion. The federalgovernment assistance comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the objective of restoring the production of sophisticated computersystem chips locally.
“The proposed job will move Texas into a state of the art semiconductor community,” Commerce Secretary Gina Raimondo stated on a call with pressreporters. “It puts us on track to hit our objective of producing 20% of the wo