Investment plan

Samsung’s $ 17 billion U.S. smelter investment plan imminent


Samsung Electronics reportedly intends to unveil its plan to invest $ 17 billion in a smelter in the United States this week, as its chief vice president Lee Jae-yong returns home after a series of high-level meetings with White House officials and key lawmakers who may have finalized the plan.

According to Samsung Electronics on Sunday, the vice president was invited to the White House on Friday US time and met with senior officials to discuss how the South Korean tech giant could help address the risks associated with the global chip supply chain. They also exchanged ideas on federal incentives for semiconductor companies.

While it is not known exactly who Lee met, the Samsung executive appears to have finalized his $ 17 billion foundry investment plan and explained it to officials. The planned plan is to build Samsung’s second foundry in the United States. It has its first chip manufacturing plant in Texas.

Local reports citing a US Congressional source said Samsung will make the announcement this week as soon as Lee returns home. The vice president is expected to return to Korea on Tuesday or Wednesday.

After his discussions with government officials in Washington DC, Lee held back-to-back meetings with the management of global IT companies, including Microsoft and Amazon, on Saturday. This was Lee’s second round of business talks, after meeting with CEOs of Moderna and Verizon last Tuesday and Wednesday.

During his meeting with Microsoft CEO Satya Nadella, Lee discussed cooperation on next generation technologies for chips, mobiles, virtual reality, augmented reality and the metaverse and ecosystem expansion. software.

When Nadella visited Korea in 2018, the two strategies shared key areas of the Fourth Industrial Revolution such as artificial intelligence and cloud computing and sought a partnership. During his visit to Amazon, Lee exchanged ideas with management on next-generation industries such as AI and cloud computing.

After the Microsoft and Amazon meetings, Lee’s Korean Air charter plane made a stop in San Jose, California, where Samsung’s Device Solutions America is located, reporting that the announcement of the investment plan in the company’s foundry is imminent. DSA is the US headquarters of the company’s memory division.

By Kim Byung-wook ([email protected])