Biden Admin Announces Multi-Billion Dollar Agreement

( – The Biden administration announced on April 15 a multi-billion dollar deal with South Korean tech juggernaut Samsung, which will make a massive investment towards the production of semiconductor chips in Texas. In a statement, US President Joe Biden said that the agreement with Samsung will eventually support nearly 30,000 jobs in the state through manufacturing positions and the construction of some facilities.

The commander-in-chief also explained that thanks to the deal with Samsung, the Asian tech giant will invest nearly $50 billion and make Texas one of the leading centers of semiconductor production in the world. He added that the so-called Lone Star State will play a significant role in the Western Hemisphere’s “semiconductor ecosystem,” with Samsung developing and training the “local workforce.”

Since the end of World War II, Samsung has become one of the main cornerstones of the South Korean economy, as it managed to have a strong presence in numerous fields and industries. Over the last few years, the company has been one of the most successful tech juggernauts in the world, and it has even surpassed Apple to become the biggest smartphone producer in the world.

In the statement, President Biden said that Samsung’s main facilities in Texas will be built in Austin and Taylor, explaining that these will produce some of the greatest chips in the market, which will be used to enhance US national security. The liberal leader also said that the agreement was made because of the bipartisan law CHIPS and Science Act, which he signed back in 2022.

According to some reports, the Biden administration has officially announced five preliminary deals with tech companies since the president signed the law, including Bae Systems, Global Foundries, and Intel. On numerous occasions, the commander-in-chief has touted the significance of the bipartisan law, saying that chips are one of the main technological advancements, as these are used in vehicles and smartphones.

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