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United States to award Samsung $6.4 bln in grants for Texas chip production complex

The Biden administration will award as much as $6.4 billion in grants to South Korea's Samsung to expand its chip production in main Texas as part of a wider effort to expand U.S. chipmaking, the Department of Commerce said on Monday.

The funding, from the 2022 Chips and Science Act, will boost chip production for the aerospace, defense, and automobile industries and reinforce nationwide security, administration officials informed reporters.

The return of leading-edge chip manufacturing to America is a significant new chapter in our semiconductor market, said White House National Economic Consultant Lael Brainard.

formerly reported that the statement was forthcoming.

The aid will support 2 chip production centers, a. proving ground and a product packaging center, stated Commerce. Secretary Gina Raimondo on the call.

It will likewise allow Samsung to expand its Austin, Texas,. semiconductor facility, Raimondo said.

( These investments) will enable the U.S. to when again lead. the world, not just in semiconductor design, which is where we. do now lead, however likewise in manufacturing, advanced packaging, and. research study and development, Raimondo said.

Samsung is expected to invest approximately $45 billion in. constructing and expanding its Texas centers through the end. of the decade, said senior administration authorities.

The U.S. financial investment in chip production is implied to lower. dependence on China and Taiwan.

(source: Reuters)