President Biden is all about reviving American manufacturing , especially when it comes to semiconductors . We want to produce top - notch chips right here in the USA , starting with Malta , New York . That ' s why the President is all in on the CHIPS and Science Act . Hey there! I ' m super pumped to be here today . Big shoutout to Leader Schumer for pushing the CHIPS and Science Act . Thanks to Tom Caulfield , Governor Hochul , Representative Tonko , and Lael Brainard for their support . And a special thank you to all the GlobalFoundries employees here with us . We ' re on the cusp of a new era in American manufacturing . We may have let the chip industry slip away in the past , but we ' re making a comeback . Today , we ' re announcing a $1 . 5 billion preliminary agreement with GlobalFoundries – the largest of its kind . This investment will support a new cutting - edge facility and create thousands of jobs over the next decade . This $50 billion investment is a game - changer . It will tackle our chip shortage head - on , boost our national security , and keep us at the forefront of R&D and manufacturing for years to come . By bringing the production of 22FDX chips to the US for the first time , GlobalFoundries is not just expanding its operations , but also providing crucial chips for various industries , including defense . This move will give the Department of Defense access to advanced technology and a secure domestic supply chain . And it ' s all thanks to the hard work of the people in this room . The CHIPS and Science Act is all about protecting our economy and national security – and guess what? You ' re a part of this too! This is just our third announcement about CHIPS , but we ' ve got more exciting news on the way . We want to show the world that we ' re dead serious about boosting our economy , rebuilding American manufacturing , and being leaders in technology and innovation . Thanks a bunch!

Press release information:

Direct link to press release: Click here .

Keywords and search queries from search engines related to the press release :
Tags:
manufacturing . about . GlobalFoundries . Raimondo . Secretary . Commerce . Remarks . Announcement . President . Biden .
GlobalFoundries . semiconductors . Representative . manufacturing . Announcement . preliminary . especially . announcing . investment . production .
https://thepressreleaseengine.com/Remarks+by+Commerce+Secretary+Gina+Raimondo+at+the+GlobalFoundries+Announcement-id2024-210477-334992
manufacturing ; about ; GlobalFoundries ; Raimondo ; Secretary ; Commerce ; Remarks ; Announcement ; President ; Biden ;
GlobalFoundries ; semiconductors ; Representative ; manufacturing ; Announcement ; preliminary ; especially ; announcing ; investment ; production ;
Biden President Announcement Remarks Commerce Secretary Raimondo GlobalFoundries about manufacturing
production investment announcing especially preliminary Announcement manufacturing Representative semiconductors GlobalFoundries