On June 25, 2024, Mr. Nanthapol Sudbanthad, Director of the BOI New York Office, participated in the SelectUSA Investment Summit 2024 at the Gaylord National Resort and Convention Center in National Harbor, Maryland. Director Nanthapol visited several investment promotion agencies at the state level as well as the New Jersey Economic Development Authority (NJEDA). He is looking forward to the meeting session in July with NJEDA to explore collaboration opportunities in trade and investment with the Consul General, and Team Thailand at the Royal Thai Consulate General New York.

During the event, Director Nanthapol and His Excellency Dr. Suriya Chindawongse, Ambassador of Thailand to the U.S., participated in a panel discussion on the topic “CHIPS for America: Developing Semiconductor Ecosystems and Programmatic Update” by the representative from U.S. Department of Commerce. They learned about U.S. strategies to attract semiconductor manufacturing and packaging by providing grants and incentives. They also explored potential opportunities for multinational companies to receive grants or engage in workforce development collaboration.

The key message delivered by the U.S. was that to strengthen the electronics industry’s supply chain, the U.S. Department of Commerce is providing funding support to small suppliers with projects under $300 million, receiving over 160 concept plans and 50 full applications. The goal is to build an effective ecosystem, ensuring projects are completed on time and within budget, and supported by sufficient workforces.

Goals and Strategies
1. On shoring and Cluster Development of Semiconductors
- U.S. Strategic Objective: (1) Enhance US share of global semiconductor production to 20 percent by 2030 by bringing investments into the U.S., (2) Diversifying semiconductor production to different communities in the U.S. and (3) Increase US share of global AI production from 15 percent to 50 percent
- Domestic Strategic Focus: From the outset, the strategy has included setting up leading-edge project clusters in the U.S. to achieve sustained change in the semiconductor industry and diversify project clusters throughout the country.
- Incentives: Allocated $ 9 billion in incentives to support this development,
- Examples of investments by companies nationwide: Samsung in Texas, Intel in Arizona, New Mexico, Ohio and Oregon, TSMC in Arizona, and Micron in Idaho and New York.
2. State and Local Partnerships
- Building strong partnerships between state and local governments and the federal government.
- Fostering connections between manufacturers and suppliers.
- Investing in workforce development within semiconductor clusters, including investing in childcare to enhance workforce access and retention.
- Revitalize industrial policy at the state level including developing science parks in Texas and upstate New York, drawing on best practices of industrial policy in economies such as Taiwan, South Korea and Singapore.
3. Infrastructure and Legislation
- Immediate Challenges: Addressing issues like permitting, transportation infrastructure, water, and energy.
- Long-Term Solutions: Focusing on legislation and funding to build the necessary infrastructure and ecosystem for sustained growth.