Today, following the announcement from Samsung on its plan to invest $17 billion in a new semiconductor facility in Taylor, Texas, U.S. Secretary of Commerce Gina M. Raimondo released the following statement:

“We are thrilled about Samsung’s investment in Texas. Domestic semiconductor production is critical to preserving and growing U.S. leadership and innovation in one of our most critical industries. It will also create thousands of good-paying jobs for Texans.

“Increasing domestic production of semiconductor chips is critical for our national and economic security, and we look forward to continued partnership with Samsung and other semiconductor manufacturing companies looking to build out their capabilities in the U.S.

“Semiconductors underpin our entire economy, and the demand for semiconductors will only continue to increase. The U.S. must invest in its domestic manufacturing and R&D capabilities in order to protect our national security, compete globally, create jobs, and strengthen our domestic supply chain. Every day we wait is a day we fall further behind. I urge the House and Senate to reach agreement quickly on the U.S. Innovation and Competition Act to ensure we can make the necessary investments and incentivize more semiconductor facilities to be built here in the U.S.”