Press Release
☷Remarks by U S Secretary of Commerce Gina Raimondo Investing in Leading Edge Technology An Update on CHIPS Act Implementation
U.S. Department of Commerce ( By Press Release office)
Feb 28,2024
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Hey everyone , thanks to the Center for Strategic and International Studies for having us . Last year , we launched the CHIPS for America program , which is all about investing in cutting - edge technology like AI manufacturing . It ' s kind of like the space race back in the day , where the government , private sector , and academia all worked together to push innovation forward . Now , President Biden is calling on us to do the same and solidify our position as a global tech leader . Chips are everywhere in our lives , from everyday gadgets to high - tech defense systems , and with the rise of AI , the demand for advanced chips is skyrocketing . It ' s clear that we need to step up our game in talent development , research , and manufacturing to stay ahead of the competition . We ' ve made good progress in implementing the CHIPS initiative , and we ' re on track to achieve our goals of strengthening the semiconductor industry and being responsible with taxpayer money . The Commerce Department has quickly set up a top - notch program that ' s making a real impact . We ' ve assembled a great team of over 200 people with diverse backgrounds , and we ' re already seeing some impressive results . Since the CHIPS Act was signed , private companies have announced nearly $200 billion in semiconductor investments . We ' re grateful for their partnership . Several states have launched programs to support the semiconductor industry , and community colleges are offering new programs to train workers . We ' re also working on establishing the National Semiconductor Technology Center , led by industry veteran Deirdre Hanford . On the downside , we ' ve received over 600 funding requests , and not everyone will receive funding . We ' re focused on making strategic investments for national security goals , even if it means some tough negotiations with companies . So , basically , by funding these projects , we ' re creating a ton of high - paying jobs and boosting our national security . And because we ' re making companies do more with less money , we ' ll have extra cash to fund more projects to meet our security and economic needs . When I talk to CEOs , they ask for a lot of money , but I always end up giving them less than they expect . We have limited funds and big goals , so we have to be smart about where we invest . We ' re focusing on projects that will be up and running by 2030 to have the biggest impact . It ' s not an easy task , and there are risks involved , but it ' s necessary to secure our supply chain for the future . Our goal is to produce 20% of the world ' s leading - edge chips by 2030 , reducing our reliance on other countries . We ' re also looking to bring memory chip production back to the U . S . and potentially have the entire silicon supply chain here . And let ' s not forget about the importance of current generation chips for various industries . The pandemic showed us how fragile these supply chains really are . So far , we ' ve invested in three chip companies - BAE , Microchip , and Global Foundries . And we plan on making more investments to ensure we have a reliable source of these important chips right here in the US . If CHIPS for America is successful , by the end of the decade , the US will be the only place where new chip designs can be created , produced by American workers , and packed with the latest technology . It ' s already getting a lot of attention and people are eager to be a part of it . Instead of expanding in Asia , companies now want to build and manufacture in America . We ' re making great progress in President Biden ' s vision of a strong manufacturing sector and I ' m really optimistic . We ' re moving quickly , but more importantly , we ' re focused on doing it right and achieving our national security goals . Together , we ' re rebuilding our industrial base , promoting innovation , creating jobs , and tackling the challenges of our time . I ' m honored to be a part of this and excited for what ' s to come . Thank you .
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