Samsung will invest $17 billion into the plant, including buildings, property improvements, machinery, and equipment. The investment is the most significant foreign direct investment in Texas history. 

The plant will begin construction in early 2022 and start producing advanced logic chips that will power devices for applications such as mobile, 5G, high-performance computing, and artificial intelligence in the second half of 2024.

"Companies like Samsung continue to invest in Texas because of our world-class business climate and exceptional workforce," said Abbott.

"Samsung's new semiconductor manufacturing facility in Taylor will bring countless opportunities for hardworking Central Texans and their families and will play a major role in our state's continued exceptionalism in the semiconductor industry. I look forward to expanding our partnership to keep the Lone Star State a leader in advanced technology and a dynamic economic powerhouse," he continued.

Abbott will set up a $27,000,000 grant via the Texas Enterprise Fund awarded to Samsung for job creation. 

"As we add a new facility in Taylor, Samsung is laying the groundwork for another important chapter in our future," said Dr. Kinam Kim, Vice Chairman and CEO of Samsung Electronics Device Solutions Division.

"With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain. We are also proud to be bringing more jobs and supporting the training and talent development for local communities, as Samsung celebrates 25 years of semiconductor manufacturing in the United States," said Kim.