Samsung Electronics is set to announce today the opening of a new USD17 billion chip fabrication plant in Taylor, Texas as global semiconductor giants compete in an increasingly tough market due to a global chip shortage.

As per the Wall Street Journal, "an announcement might come as early as Tuesday" as Texas Governor Greg Abbott was set to make a "economic announcement" on Tuesday at 5 p.m. (US time), according to sources familiar with the development.

The new advanced chip-making plant, which would be around 1,200 acres in size and larger than Samsung's Austin facility, might result in the creation of 1,800 jobs. According to earlier filings, the plant isn't slated to start generating chips until the end of 2024.

Samsung Electronics, the world's largest memory chip and mobile phone manufacturer, has been exploring expanding its Austin facility, which opened in 1996. However, a big power outage in February caused by a cold wave and snowstorm in the area cost the Company millions of dollars and sparked questions about a reliable electrical supply. It has offered the tech giant a set of incentives, including tax breaks, in exchange for the project, which is expected to create 1,800 employment and other prospects. According to estimates, the city of Taylor in Texas, which has a population of roughly 18,000 people, is presently the front-runner in the competition to host the new facility.

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