Samsung to Announce $20 Billion US Foundry New Plant This Week... Lee Jae-yong Meets White House and Congress Officials During Business Trip

Samsung Electronics Vice Chairman Lee Jae-yong is departing through the Gimpo Airport Business Aviation Center in Gangseo-gu on the 14th. Vice Chairman Lee is scheduled to visit Samsung Electronics' Artificial Intelligence (AI) research center in Canada, followed by a visit to the United States to make the final decision on the site for a new foundry (semiconductor contract manufacturing) plant in the U.S. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Heung-soon] Samsung Electronics is expected to announce its second semiconductor plant in the United States sometime this week. Samsung Electronics Vice Chairman Lee Jae-yong, who is visiting the U.S., has met consecutively with senior White House officials and key members of the U.S. Congress in Washington D.C. to discuss overall semiconductor supply chain issues, including the second semiconductor plant. Vice Chairman Lee is scheduled to return to Korea around the 24th, after which the final announcement of the plant location is expected.

According to Samsung Electronics on the 21st, Vice Chairman Lee met with senior White House officials on the 19th (local time) to mainly discuss solutions to global semiconductor supply chain problems and federal government incentives for semiconductor companies. It is reported that there was also extensive discussion about Samsung's role in resolving semiconductor supply chain issues.

Earlier, on the 18th, Vice Chairman Lee also met with key members of the federal Congress to exchange opinions on various issues. A source from the U.S. Congress who met with Vice Chairman Lee said, "The plant location has been narrowed down and an official announcement is expected soon." The members of Congress Lee met with are known to be key figures responsible for semiconductor incentive legislation. It is reported that Lee requested cooperation for the passage of semiconductor incentive-related bills during this meeting.

Samsung Electronics announced its plan to build a new foundry (semiconductor contract manufacturing) plant in the U.S. to contribute to the economies of both countries by establishing a supply chain in advanced manufacturing at the ‘Korea-U.S. Business Roundtable’ event held in Washington D.C. last May. To this end, it plans to invest $17 billion (approximately 20 trillion KRW). This is the largest investment ever made in the U.S. Samsung has been negotiating incentives with candidate locations including Taylor and Austin in Texas, Arizona, and New York. Among these, Taylor City has quickly approved incentive plans such as tax reductions, emerging as the most likely final candidate location.

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