Samsung Elec likely to detail US investment plans at White House meeting

Samsung Electronics Co. summoned to a virtual CEO meeting arranged by the White House national security and economic councils to address chip shortage battering automakers as well as IT producers may end up expediting its investment plans in the United States.

Samsung Electronics has a $17 billion investment plan but is yet to choose a location for the new facility after a shutdown in its Austin facility.

The chip giant is the only Korean name to take part in the virtual “CEO Summit On Semiconductor and Supply Chain Resilience” Monday afternoon hosted by U.S. National Security Adviser Jake Sullivan, National Economic Council Director Brian Deese and Commerce Secretary Gina Raimondo. Others are mostly American entities – Alphabet, General Motors, Intel, HP, Micron and Dell. Taiwanese pure-play foundry TSMC is also invited.

Samsung Electronics likely to be represented by Choi Si-young, chief of foundry business, is expected to be asked on its investment plans since the Biden administration has proposed $2.3 trillion infrastructure investment to boost the economy, which includes $50 billion in semiconductor manufacturing and research.

In January, Samsung Electronics asked the Texas state government for tax breaks of up to 1 trillion won ($886.8 million) for 20 years on $17 billion investment to upgrade its Austin chip plant. The chip maker’s $17 billion worth investment pledge is the largest-ever single foreign investment in the history of Texas. Once agreed, Samsung Electronics would be able to break ground for the new fab in the second quarter and begin mass production by the end of 2023.

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