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Seoul welcomes US plan to provide $6.4Mln for Samsung

Sputnik

Published: 20:46, 15 April 2024

Seoul welcomes US plan to provide $6.4Mln for Samsung

Photo: Collected

South Korea has welcomed the US plan to provide up to $6.4 million in funding for Samsung Electronics to expand its chip production in Texas, South Korean news agency Yonhap reported on Monday (15 April).

Earlier in the day, Washington announced that the US Commerce Department and Samsung reached a non-binding preliminary agreement with Samsung to provide the funding.

"The government has consistently conveyed the message to the United States, requesting nondiscriminatory and favorable treatment in regard to investments by South Korean companies," and the US Commerce Department's latest announcement appears to be a "positive" outcome of Seoul's request, the official was quoted.

The US's funding is aimed at strengthening "the resilience of the U.S. semiconductor supply chain," the US Commerce Department said. Samsung's proposed investment is expected to turn the existing factory in Texas into a "comprehensive ecosystem for the development and production of leading-edge chips in the United States," as well as to create over 20,000 new jobs, the department added.

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