POLITICS: Announced today, US President Joe Biden has agreed to provide as much as $6.4 billion dollars in support of a S. Korean chips producer company being built in Texas. Biden's plan supports the signing in 2022 of the CHIPS & Science Act. President Joe Biden has indeed made a significant move by partnering with Samsung to establish new semiconductor chip plants in Texas.
By Michelle Crawford-Sapenter
Today, the news of President Joe Biden's plans for backing the S. Korean semiconductor producer company , Samsung, is a recent commitment made by the Biden administration. The plan will result in providing up to $6.4 billion in funding to support the South Korean tech giant’s facility construction in the state.
According to recent reports, the strategic collaboration is expected to unleash over $40 billion in investment from Samsung and solidify central Texas’s position as a cutting-edge semiconductor ecosystem. The project is projected to create at least 21,500 jobs and will leverage up to $40 million in CHIPS funding for workforce training and development.
However, beyond this specific deal with Samsung, there are other avenues for companies, including start-ups, to access funding and support. For instance, the Biden-Harris Administration has announced a $42.45 billion grant program called the Broadband Equity Access and Deployment (BEAD) program. The initiative aims to facilitate high-speed internet infrastructure deployment across all states, territories, and the District of Columbia.
While the BEAD program is not directly related to semiconductor manufacturing, it demonstrates the administration’s commitment to investing in critical infrastructure and technology development.
For companies seeking opportunities in Texas or elsewhere, it’s essential to stay informed about government initiatives, grants, and partnerships.
Exploring collaborations, staying updated on policy changes, and actively participating in relevant programs can help companies, including start-ups, access resources and funding to drive innovation and economic growth.
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