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Companies request twice the planned budget
Samsung-TSMC, etc., keenly aware of the scale of subsidies
Possibility of disadvantages for foreign companies ahead of the US presidential election
U.S. Secretary of Commerce Gina Rummondo (pictured) expressed the opinion that many semiconductor companies investing in the U.S. will not receive subsidies under the Semiconductor Act. Since the statement came at a time when it is known that the U.S. government’s announcement of subsidies for Samsung Electronics and Intel is imminent, related companies are paying close attention.
In an interview with the Center for Strategic and International Studies (CSIS), a U.S. think tank, on the 26th (local time), Secretary Lemondo said, “We have received more than 600 letters of intent to invest,” and “the bad news is that many of those companies will not receive subsidies.” He said. He also added, “The amount requested by high-tech companies alone exceeds 70 billion dollars (approximately 93.205 trillion won),” adding, “Because of this, we are having difficult conversations (with the applicants).”
In accordance with the Semiconductor Act passed in 2022, the U.S. government plans to allocate $28 billion in subsidies to companies investing in semiconductor manufacturing facilities. However, the total amount of support requested by companies building semiconductor factories in the United States, such as Samsung Electronics and Taiwan’s TSMC, is known to be more than twice the budget. Accordingly, it may be difficult for many companies to receive subsidies even after investing.
Secretary Lemondo said, “When CEOs of semiconductor companies ask for billions of dollars, I say, ‘It’s a reasonable request, but you’ll be lucky if you get half of it.’” “When they come back for a final agreement, they end up receiving less than half of the amount they wanted.” “That is reality,” he said.
According to Bloomberg News, the Commerce Department is pursuing a plan to announce the size of subsidies for major companies by the end of next month. However, considering the situation in the United States ahead of the presidential election this November, there is a high possibility that foreign companies will be disadvantaged in subsidy allocation. Samsung Electronics is spending $17.3 billion to build a foundry (semiconductor consignment production) plant in Taylor, Texas. TSMC is also building a foundry plant near Phoenix, Arizona.
Minister Lemondo said on this day, “Our goal is to attract large-scale factories that will produce competitive cutting-edge memories so that approximately 20% of the world’s cutting-edge logic semiconductor production can be produced in the United States by 2030.” He added, “The United States has advanced semiconductor development and design and large-scale manufacturing capabilities.” “It will be the only country in the world that has both,” he said.
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Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.