Saturday, July 13, 2024
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Home » Partnership with Costa Rica to Explore Semiconductor Supply Chain Opportunities

Partnership with Costa Rica to Explore Semiconductor Supply Chain Opportunities

by Blake Brooks
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The State Department will partner with the Government of Costa Rica to explore opportunities to diversify and grow the global semiconductor ecosystem and create a more transparent, secure, and sustainable global semiconductor value chain. This partnership is enabled by the International Technology Security and Innovation Fund (“ITSI” Fund”), created by the CHIPS and Science Act of 2022.

“The United States views Costa Rica as a partner in ensuring the semiconductor supply chain can keep pace with the digital transformation underway,” said Cynthia Telles, U.S. Ambassador to Costa Rica. “Products ranging from vehicles to medical devices increasingly rely on semiconductors as the building blocks of today’s economy. Our announcement of this collaboration underscores the significant potential to expand this industry in Costa Rica to the benefit of both our countries.”

This partnership between the U.S. and Costa Rica will begin with a review of Costa Rica’s current semiconductor industry development, regulatory framework, and workforce and infrastructure needs. The outcome of this review will inform future collaboration on developing this critical sector.

“We applaud the decision of the United States to support the Costa Rican semiconductor sector through the Chips and Science Act. It is a recognition of our leadership as a trusted supplier and our position as a great site for the development of new operations in this sector. Costa Rica, under the coordination of the Ministry of Foreign Trade, will step up its efforts to enhance our capabilities to face the growing demands of the industry with better infrastructure and talent. The semiconductor supply chain represents a distinct opportunity for inclusive economic growth and job creation. Costa Rica is open for businesses and to strengthening the private sector who invest in our country. Also we believe that this is a manifestation of the strong relationship between the US and Costa Rica,” said Costa Rican President Rodrigo Chaves.

In August 2022, President Biden signed the CHIPS and Science Act of 2022, a new U.S. law that appropriated billions of dollars in new funding to boost domestic manufacturing and research of semiconductors in the United States.

“We welcome the support announced by the United States that strengthens Costa Rica’s position as a reliable investment destination for the advancement of the regional chips agenda. Over the years, Costa Rica has created a vibrant ecosystem for the chips sector. The launch of our National Foreign Investment Attraction Strategy led by foreign trade sector is an excellent platform to continue building our capabilities for more investment and supporting, as a trusted and resilient partner, the rebalancing of the semiconductor global industry,” indicated Costa Rican Ministry of Foreign Trade Manuel Tovar.

The CHIPS Act created the ITSI Fund which provides the U.S. Department of State with $500 million ($100 million per year over five years, starting in Fiscal Year 2023) to expand global semiconductor manufacturing; secure semiconductor supply chains; and develop and deploy secure and trustworthy Information and Communications Technology (ICT) networks and services through new programs and initiatives with our allies and partners.

Source : ussembassy

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