Samsung Electronics (KRX:005930) Company Ltd is reported to be planning to build a new computer chip plant in Texas at an estimated cost of US$17bn.
The planned site in the city of Taylor, approximately 30 miles from Austin, where Samsung already has an operating facility, could create up to 1,800 jobs on a 1,200-acre site, the Wall Street Journal reported.
Although there is currently a worldwide semiconductor shortage, the Korean tech giant is not expected to start producing chips from the new site until 2024.
The city of Taylor provided various incentives to Samsung, amounting to property tax breaks of over 90% for its first 10 years of operation, the WSJ said.
Samsung said a final decision has not yet been made regarding the location of the plant.
President Biden has vowed to try to boost US chip production and reverse America’s declining manufacturing trend over previous decades.
The Senate recently approved US$52bn in subsidies for new chipmaking plants, though the CHIPS Act is yet to pass in the House of Representatives.