Samsung to attend White House meeting on tackling chip shortage

Samsung Electronics officials are set to attend a White House meeting later this month to discuss ways to tackle the global chip shortage with other firms in the industry.

Other companies expected to meet with US National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese to discuss the issue were General Motors and GlobalFoundries as companies.

The White House is also in talks with Congress and foreign allies over the semiconductor shortage.

The global shortage of semiconductors, attributed to a surge in demand for electronic devices, is keeping auto production lines idle.

Samsung and Taiwan's TSMC are ramping up production capacity in the US.

Samsung is seeking to invest $17 billion to expand its chip plant in Austin, Texas, to ramp up production, while TSMC is building a $12 billion plant in Arizona.

Intel also unveiled plans in March to invest $20 billion to build two new fabrication plants in Arizona.

The expansion of US chip manufacturing facilities is also part of the country's push to scale up local production as it counters China's rising influence with technological development.

The Biden administration is seeking to provide incentives for chipmakers to base their production facilities in the US.