South asia regional connectivity, Capital of South Korea

Seoul, Nov 17 Samsung Electronics appears to be moving closer to making a final decision on the site for its new chip fabrication plant in the US, as global semiconductor companies have engaged in increasingly fierce competition amid a global chip crunch.The South Korean tech giant was found to have withdrawn its application filed in January with Manor Independent School District (ISD) in Travis County, Texas, for corporate tax incentives regarding its new chip plant, the Texas comptroller's website showed.School districts in the state constitute an important party in the negotiations over building a new plant.The same kind of document filed in July with the city of Taylor, northeast of Austin, can still be found on the public site.The two locations in Texas have been competing against each other to host the global chipmaker's new plant believed to be worth $17 billion. The South Korean company did not rule out other sites in New York and Arizona, reports Yonhap news agency.Samsung Electronics, the world's biggest memory chip and mobile phone maker, has been considering building a new plant near the existing one in Austin, which opened in 1996.But a major power outage caused by a cold wave and snowstorm in the area in February caused the company millions of dollars in losses and raised concerns over a steady electricity supply.The city of Taylor in Texas, with a population of around 18,000, is currently considered the front-runner in the race to become home to the new plant.It has offered the tech giant a set of incentives, including tax rebates, for the project that is anticipated to bring approximately 1,800 jobs and other opportunities.According to a resolution passed by Taylor's city council, a 6 million square feet chip fabrication factory, when built, will produce "the most advanced" type of semiconductors by the end of 2024. Construction is expected to start in early 2022.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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