Biden confirms TSMC will invest $40B in Arizona

EPA-EFE/JIM LO SCALZO / POOL

United States President Joe Biden confirmed on Tuesday that Taiwan Semiconductor Manufacturing Company Limited will invest $40 billion in its factory in Arizona, making it the largest foreign investment in the history of the state.

The plans to build the plant began in April 2021, and commercial operations to make the "most advanced semiconductor chips on the planet" in the first facility will begin in 2023, the American president said in a speech at the site of the TSMC factory.

Biden asserted that his administration has created 750,000 manufacturing jobs since he became president and stressed his team's goal is to create an "economy that works for everyone."

Baha Breaking News (BBN) / MS