Samsung Electronics Co., Ltd., the world’s second largest chip maker, announced on Friday that the company will invest $3.5 billion in a new 300mm semiconductor plant and create nearly 1,000 new jobs in Austin. Samsung’s announcement is the largest single investment by a foreign company in the United States. This is the first 300mm fab in Central Texas with only six in existence or under construction in the United States. The new facility will create advanced technology chips.

“We are thrilled that Samsung chose Austin,” said Dave Porter, Greater Austin Chamber Sr. Vice President of Economic Development. “Samsung’s decision will only strengthen Austin’s position as a key technology hub in the United States. Samsung has been a major economic influence in our region for the last ten years and clearly will continue to be one as we grow and prosper together.”

With plans for a new facility and employee growth, the Samsung expansion will help to propel Opportunity Austin, the Greater Austin Chamber’s five year initiative aimed at creating 72,000 jobs and a $2.9 billion increase in payroll to the five county region by the end of 2008. On March 22, the Chamber announced that 47,600 jobs have been added to the region since the inception of Opportunity Austin in 2004. Samsung’s announcement is a strong indicator of the rebound taking place in the technology sector in Austin.

“This puts a stamp of approval on Austin, Texas that will be heard around the world,” said Gary Farmer, Chair of the Greater Austin Economic Development Corporation and President of Heritage Title Company. “Opportunity Austin is an intense regional effort to place Central Texas at the front of the economic development race. This decision clearly validates Austin’s position in the worldwide technology arena.”

“I can’t thank enough all the people who made this possible,” said Tim Crowley, Chair of the Greater Austin Chamber and President of the Community Banking Group for Frost Bank. “Kirk Watson, Gary Farmer, Will Wynn and Pike Powers went to Korea to visit with Samsung officials in an effort to make this happen. By working together, we have proven great things happen.”

The Chamber applauds Governor Rick Perry, Lt. Governor David Dewhurst, speaker Tim Craddick, Mayor Will Wynn, Members of the Austin City Council, City Manager Toby Futrell, Travis County Judge Sam Biscoe, Members of the Travis County Commissioners Court, Manor School Board Chair Pamela O’Brien, Members of the Manor School Board and Superintendent Mark Diaz for their efforts.

Samsung currently has invested $1.9 billion in their 300-acre site in Northeast Austin and employs 1,100 workers. Samsung is expected to break ground on the new plant this year.