The United States is creating a new partnership with Panama to expand and strengthen its supply of semiconductors, the US State Department announced in a press release on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 20th July, 2023) The United States is creating a new partnership with Panama to expand and strengthen its supply of semiconductors, the US State Department announced in a press release on Thursday.
"The State Department will partner with the Government of Panama on exploring opportunities to grow and diversify the global semiconductor ecosystem under the International Technology Security and Innovation Fund (ITSI, created by the CHIPS Act of 2022," the release said.
This partnership will help create a more resilient, secure, and sustainable global semiconductor value chain and is part of an effort to expand the industry, the release said.
"This partnership will begin with a review of Panama's current semiconductor ecosystem, regulatory framework and workforce and infrastructure needs. The outcome of this review will inform potential future collaboration on developing this critical sector to ensure that both countries benefit from state-of-the-art technology," the release added.
In August 2022, US President Joe Biden signed the CHIPS Act of 2022 to create new funding to boost domestic manufacturing and research of semiconductors in the United States. The act created the ITSI Fund, which provides the State Department with $500 million to expand global semiconductor manufacturing and secure semiconductor supply chains, according to the release.
