Canada invests $120M to boost semiconductor industry – Proactive Investors UK
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Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. She earned a Bachelor of… Read more
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Published: 14:46 05 Jul 2024 BST
The Canadian government has announced earlier this week a $120 million investment in CMC Microsystems to bolster Canada’s semiconductor industry.
The funding, part of a $220 million project through the Strategic Innovation Fund, aims to enhance Canada’s role as a global semiconductor supplier, vital for sectors such as automotive, telecommunications, and low-carbon technology.
Funds will support the creation of the Fabrication of Integrated Components for the Internet’s Edge (FABrIC) network. This network will unite stakeholders nationwide to advance semiconductor and intelligent sensor technology design, manufacturing, and commercialization.
Over the next five years, FABrIC will create about 325 highly skilled jobs and maintain 440 more, reinforcing Canada’s semiconductor and smart sensor industry.
The investment builds on the 2023 commitment by Prime Minister Trudeau and US President Biden to develop a cross-border semiconductor manufacturing corridor, aiming to enhance North American supply chain resiliency and economic security.
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