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White House. Statement from President Joe Biden on CHIPS and Science Act Preliminary Agreement with Samsung

I signed the CHIPS and Science Act to restore U.S. leadership in semiconductor manufacturing and ensure America’s consumers, businesses, and military maintain access to the chips that underpin our modern technology. But well before the law was passed, I was working to address our supply chain vulnerabilities. This included my trip to the Republic of Korea (ROK), where I visited Samsung’s Pyeongtaek campus to see one of the largest semiconductor manufacturing facilities in the world.

Now, nearly two years later, I’m pleased to announce a preliminary agreement between Samsung and the Department of Commerce to bring Samsung’s advanced semiconductor manufacturing and research and development to Texas. This announcement, will unleash over $40 billion in investment from Samsung, and cement central Texas’s role as a state-of-the-art semiconductor ecosystem, creating at least 21,500 jobs and leveraging up to $40 million in CHIPS funding to train and develop the local workforce. These facilities will support the production of some of the most powerful chips in the world, which are essential to advanced technologies like artificial intelligence and will bolster U.S. national security.

Today’s announcement of Samsung’s investment in the United States is another example of how my Investing in America agenda and the U.S.-ROK Alliance is creating opportunity in every corner of the country.

April 15 2024 White House Washington DC

Source: WH.gov Midtown Tribune news
Big New York news BigNY.com

P.S. As usual, after the article, criticism of President Biden follows. Managing the country’s economy, when the president decides what, where, and how to produce and enters into agreements with foreign companies to open enterprises instead of allowing businesses to make decisions independently without government intervention, very much resembles the Soviet command methods of managing the economy. They have already shown their “effectiveness” during the previous Obama-Biden administration in the USA. The result of yet another intervention by the Democrats in power in the free market is already known, unfortunately, with wasteful spending and corrupt elements.

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