South Korea seeks tax breaks for US investment from companies such as Samsung

South Korea seeks tax breaks for US investments from companies like Samsung

South Korean President Moon Jae-in at a summit in Washington with US President Joe Biden told a gathering of US Commerce Secretary Gina Raimondo, her Korean counterpart and CEOs from Qualcomm, Samsung and other executives that both countries can benefit from strengthening cooperation in the supply chain. Biden has spoken out in support of the U.S. chip industry amid a global chip shortage that has hit automakers and other industries.

He met with executives from large companies like Samsung in April and previously announced plans to invest $ 50 billion in semiconductor manufacturing and research.

Samsung vice chairman Kinam Kim said Samsung plans to invest $ 17 billion in a new chip contract manufacturing facility in the United States.

In February, documents filed with Texas state officials showed Samsung considers Austin, Texas, as one of the countries sites The $ 17 billion chip plant the South Korean company said could create 1,800 jobs.

No new public filings have been filed since March regarding the potential application for a chip facility in Texas, the Texas Comptroller of Public Accounts website revealed on Friday.

At Samsung’s existing Texas chip plant, a shutdown due to power outages due to a winter storm in the first quarter affected wafers, which caused damage of 300 to 400 billion won ($ 266 to 355 million), Samsung previously said.

The U.S. Department of Commerce and Korea’s Department of Industry agreed on Friday that continued collaboration in the chip industry required policies such as incentive support, joint research and development, and collaboration in setting standards, and training and labor exchanges, the Blue House said .

Meanwhile, DuPont announced plans to set up a research and development center in South Korea to develop original chip technologies such as photoresist for extreme ultraviolet (EUV) lithography, the Blue House said in a statement.
Read more at https://www.todayonline.com/world/samsung-elec-invest-17-billion-new-chip-foundry-us-blue-house

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