Joe Biden’s Day of Meetings: Samsung Deal
Joe Biden’s day of meetings included an agreement with Samsung, but also with the Prime Minister of Iraq, and then with the Prime Minister of the Czech Republic.
Joe Biden’s meeting agenda was quite busy on Monday, April 15, but perhaps, within the framework of the economy, the meeting with Samsung officials stood out.
Joe Biden’s meetings with the Prime Ministers of Iraq and the Czech Republic are a sign of the busy international agenda, with the conflict in the Middle East as the main topic of conversation.
But from an economic standpoint, one meeting that caught the eye was the earlier agreement to import chips from South Korea to Texas.
The United States will provide $6.4 billion to South Korean electronics company Samsung for the development of a chip manufacturing and research center in Texas.
The US Department of Commerce estimated that the initiative would create up to 20,000 jobs in Texas and neighboring states.
The agreement with Samsung could be an answer to meet the demand for these drivers that were previously purchased from China.
The U.S. Commerce Department announced Monday, April 15, that it will give up to $6.4 billion to Korean technology company Samsung Electronics to develop a chip manufacturing and research center in Taylor, Texas.
The research and chip manufacturing center in Taylor, Texas, will be to expand an existing facility in nearby Austin.
Joe Biden’s Day of Meetings: Samsung Deal
In a White House statement, U.S. President Joe Biden said the grants, which are part of the Chips and Science Act of 2022 passed by Congress, will help Samsung increase its investment in Texas to more than $40 billion and create more than 20,000 jobs.
In his statement, Biden said that “these facilities will support the production of some of the world’s most powerful chips, which are essential to advanced technologies like artificial intelligence and will bolster U.S. national security.”
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The Commerce Department reported that Samsung’s new facility in Taylor will include a new research and development center as well as a fab for advanced packaging, the final step before semiconductors can be used in electronic systems.
In a statement, U.S. Commerce Secretary Gina Raimondo said, “The chips Samsung will manufacture in Texas are important components of our most advanced technologies, from artificial intelligence to high-performance computing to 5G communications.”
He said the CHIPS Act investments are designed to stimulate continued private sector investment and help create a U.S.-based semiconductor supply chain.
Joe Biden’s day of meetings took place with the Sudanese Prime Minister of Iraq.
“Today I met with Prime Minister Sudani of Iraq for a wide-ranging conversation about our vision for a comprehensive and multi-faceted relationship. The conversation ranged from regional stability and expanding opportunities for Iraqi families to strengthening Iraq’s sovereignty and security,” Biden said.
But Joe Biden’s meetings also included a meeting with the Prime Minister of the Czech Republic.
“I met with Prime Minister Fiala to celebrate the Czech Republic’s 25th anniversary in NATO and our defense partnership. We discussed support for Ukraine because Czechs know that Putin’s ambitions do not end there. Together, we are committed to strengthening the freedom of people around the world,” he reported on his official X account.
