"In addition to our partners in Texas, we are grateful to the Biden Administration for creating an environment that supports companies like Samsung as we work to expand leading-edge semiconductor manufacturing in the US," Kim added.
Construction of the new plant, which will span over 5 million square meters, will start during the first half of 2022 and Samsung is aiming to start its operations during the second half of 2024.
The estimated $17 billion to build the new facility will be Samsung's single largest investment within the US, the company said. Since Samsung began operations in the US in 1978, the company has spent over $47 billion.
In addition to the new plant, a skills center will also be built in Taylor to help students develop skills and provide recruiting opportunities as part of that investment.
According to Samsung, it decided to build the plant in Taylor after reviewing various locations across the US due to the local semiconductor ecosystem, infrastructure stability, local government support, and community development opportunities.