President Biden announces preliminary agreement with Samsung that will aid company's Central Texas investment – KVUE.com
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TAYLOR, Texas — Samsung is set to invest billions more into the Central Texas semiconductor industry.
On Monday, President Joe Biden announced a preliminary agreement between Samsung and the U.S. Department of Commerce for $6.4 billion. The funds will aid a more than $40 billion investment from Samsung into Central Texas, which President Biden said will cement the area’s “role as a state-of-the-art semiconductor ecosystem.”
Samsung’s increased investment is set to create 21,500 jobs and leverage millions in CHIPS and Science Act funding to support training and developing the local workforce. According to Williamson County, Samsung’s expanded footprint will include a packaging facility, a research and development center and a second fabrication plant.
The investment commitment is in addition to the initial $17 billion Samsung previously committed to the semiconductor plant currently under construction in Taylor. That facility is set to be completed later this year and has the potential to create approximately 2,000 new positions.
“Inviting Samsung to call Williamson County home has eclipsed all of our expectations,” Williamson County Judge Bill Gravell said. “Williamson County has become a world leader in developing an ecosystem for the semiconductor industry. Its impact will be felt for generations to come.”
Gov. Greg Abbott met with Samsung President and CEO Kye Hyun Kyung and other executives at the Governor’s Mansion in Austin on Monday to celebrate the investment.
“Just over two years ago here at the Governor’s Mansion, I was proud to celebrate Samsung’s new semiconductor manufacturing facility in Taylor,” said Gov. Abbott. “We are now building on that initial investment to make Texas the premier semiconductor hub in America. Samsung’s investment of over $40 billion will help cement Texas’s position as the No. 1 state for semiconductors, bringing in more business investment to Texas communities and creating thousands of good-paying jobs in our great state. The future is full of microchips, and we’re proud that some of the world’s most advanced chips will be Made in Texas.”
Gov. Abbott was also joined at the meeting by Corporate President and Head of Foundry Business Siyoung Choi, Corporate President and Head of Global Public Affairs Office Won Kyong Kim, and Corporate Vice President and Head of Global Public Affairs team Hyouk Woo Kwon.
RELATED: Investigation underway after crane collapses at Samsung facility in Taylor
The CHIPS and Science Act was signed into law by President Biden approximately two years ago as a way to create more funding for semiconductor manufacturing locations.
One goal of the legislation has been to increase international companies’ – including Samsung, NXP and Infineon – investment in the U.S. These companies create semiconductor chips, which are essentially small electronic circuits that help create currents in cameras, smartphones, smart cars and more.
The CHIPS Act was passed in December 2020, but was signed into law on Aug. 9, 2022.
RELATED: Report: Samsung more than doubles investment for semiconductor hub in Taylor
Boomtown is KVUE’s series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown
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