WASHINGTON (NEWSnet/AP) — The Biden administration reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research center in Texas.

The funding announced Monday by the Commerce Department is part of a total investment in the cluster that, with private money, is expected to exceed $40 billion.

The plan looks to propel Texas into a state of the art semiconductor ecosystem. By 2030, the plant aims to produce 20% of the world's leading chips.

The project will create at least 17,000 construction jobs and more than 4,500 manufacturing jobs.

Samsung wants to build two manufacturing plants in Taylor, Texas. The goal is to have the first one operational in 2026 and the second operational in 2027.

Access to advanced technology has increasingly become a security concern in the competition between China and the U.S.

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