The U.S. State Department is joining forces with the Costa Rican Government to diversify and bolster the international semiconductor landscape, aiming for a transparent, secure, and long-lasting global semiconductor value chain. This collaboration is supported by the International Technology Security and Innovation Fund (“ITSI Fund”), established under the CHIPS and Science Act of 2022.
Cynthia Telles, the U.S. Ambassador to Costa Rica, emphasized the nation’s role in the evolving digital transformation. “As semiconductors become the backbone of various sectors, from automotive to healthcare, we see Costa Rica as a crucial ally. Our joint venture highlights the immense potential for semiconductor industry growth in Costa Rica, benefitting both nations,” she stated.
The alliance will commence with an assessment of Costa Rica’s semiconductor sector status, regulatory blueprint, and infrastructure and workforce necessities. This evaluation will shape subsequent joint ventures to nurture this pivotal sector.
Costa Rican President Rodrigo Chaves remarked on the CHIPS and Science Act’s support. “This endorsement recognizes Costa Rica’s prominence as a trustworthy provider and ideal location for semiconductor operations expansion. We’re committed to ramping up our capabilities to cater to the industry’s escalating needs, focusing on infrastructure and expertise. This semiconductor initiative opens avenues for expansive economic growth and job prospects, reflecting the robust U.S.-Costa Rica bond,” he expressed.
In 2022, the CHIPS and Science Act was endorsed by President Biden, allocating substantial funding to elevate semiconductor manufacturing and research domestically.
Costa Rican Ministry of Foreign Trade, Manuel Tovar, recognized the nation’s long-standing semiconductor ecosystem. “The U.S.’s endorsement further solidifies Costa Rica as a dependable hub for semiconductor investment in the region. Our National Foreign Investment Attraction Strategy is primed to foster further investments, making Costa Rica a resilient partner in redefining the global semiconductor arena,” he stated.
The CHIPS Act’s ITSI Fund empowers the U.S. Department of State with a $500 million budget, disbursed over five years, to magnify global semiconductor production, safeguard supply chains, and pioneer secure ICT networks in collaboration with global partners.
