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” Fund), created by the CHIPS Act of 2022. This partnership will help create a more resilient, secure, and sustainable global semiconductor value chain and underscores the significant potential to expand this global industry between the United States and Panama.
The United States views Panama as a partner in ensuring the semiconductor supply chain is diverse and resilient. Products ranging from vehicles to medical devices increasingly rely on semiconductors as the building blocks of today’s economy. This collaboration strives to build new opportunities that attract industry investments and expands the technical workforce in both countries.
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.
In August 2022, President Biden signed the CHIPS Act of 2022, a new U.S. law that appropriated new funding to boost domestic manufacturing and research of semiconductors in the United States. 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 networks and services through new programs and initiatives with our allies and partners.
More information about the ITSI Fund: The U.S. Department of State International Technology Security and Innovation Fund.
Official news published at https://www.state.gov/new-partnership-with-panama-to-explore-semiconductor-supply-chain-opportunities/