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Friday, April 12, 2024

U.S. and Costa Rica Forge Semiconductor Partnership for Global Growth

The U.S. Department of State has recently announced a groundbreaking collaboration with Costa Rica aimed at expanding and strengthening the global semiconductor ecosystem. The partnership seeks to create a more transparent, secure, and sustainable global semiconductor value chain. This initiative is made possible through the International Technology Security and Innovation Fund (ITSI Fund), which was established by the CHIPS and Science Act of 2022.

Recognizing Costa Rica as a vital partner in ensuring the semiconductor supply chain keeps pace with the ongoing digital transformation, Cynthia Telles, the U.S. Ambassador to Costa Rica, expressed the United States’ viewpoint. Telles emphasized the significance of semiconductors in various industries, from vehicles to medical devices, as the fundamental building blocks of the modern economy. This collaboration is expected to unlock immense potential for expanding the semiconductor industry in Costa Rica, benefiting both nations.

Costa Rica’s current semiconductor industry development, regulatory framework, and workforce and infrastructure will undergo thorough assessment to determine the country’s specific needs. Rodrigo Chaves, the President of Costa Rica, expressed gratitude for the United States’ support and highlighted the importance of this partnership.

He commended the decision to back the Costa Rican semiconductor sector through the CHIPS and Science Act, recognizing it as a testament to the country’s position as a trusted supplier and an ideal location for new operations in this field. Chaves affirmed Costa Rica’s commitment to enhancing capabilities, particularly in infrastructure and talent, to meet the growing demands of the industry.

President Joe Biden signed the CHIPS and Science Act of 2022 in August 2022, directing substantial funding toward bolstering domestic semiconductor manufacturing and research within the United States.

The CHIPS Act established the ITSI Fund, providing the U.S. Department of State with $500 million 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 this fund, the United States aims to forge new programs and initiatives with its allies and partners to drive innovation and secure the semiconductor industry’s future.

Overall, this collaboration between the United States and Costa Rica marks a significant step in advancing the global semiconductor ecosystem. By leveraging the ITSI Fund, both nations are poised to drive inclusive economic growth, job creation, and technological advancements while fortifying the security and sustainability of the semiconductor value chain.

Costa Rica’s commitment to enhancing its capabilities demonstrates its readiness to seize this opportunity and position itself as a leading player in the semiconductor industry. With the combined efforts of the United States and Costa Rica, the global semiconductor landscape is set to witness remarkable growth and resilience in the face of evolving technological demands.

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