South Korean tech giant Samsung Electronics said it will build a new semiconductor factory in the United States amid the global shortage of computer chips.
Samsung announced on Wednesday it will invest an estimated 17 billion dollars in the plant which will boost production of advanced semiconductors. The new factory will be located in Taylor, Texas.
Construction will begin in the first half of next year, with the aim of starting production in the latter half of 2024.
The new chip foundry will be Samsung's second in the US. The company's existing facility is also in Texas.
The new plant is expected to create about 2,000 jobs for high-tech workers.
Samsung Vice Chairman Kim Ki-nam said ''with greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain.''
The Biden administration welcomed the plan. The head of the National Economic Council and the National Security Advisor said in a statement that the new plant will help protect US supply chains and make sure the country will "never again face shortages" of semiconductors.