NOW has chosen Panama to establish a collaboration that strengthens the global semiconductor value chain, better known as CHIPS.
As an initial step within this newly established partnership, the United States and Panama will work closely together to conduct an in-depth assessment of the country’s existing semiconductor ecosystem.
The goal is to identify strengths and areas for improvement Panama within the sector, giving ideas for future cooperation in the development of this critical industry.
The review will be funded by the International Fund for Technological Security and Innovation (“ITSI Fund”).
“Unparalleled logistics capabilities, a favorable business environment and outstanding political stability make Panama an exceptional choice as a center for semiconductor assembly, packaging and testing,” said President Laurentino Cortizo Cohen.
Cooperation with the United States represents a key step in strengthening the resilience and competitiveness of this vital industry, the president said in announcing the agreement.
“The expansion of this industry in Panama has potential create well-paid jobs, especially for young people, while advancing the technological capabilities of our country’s skilled workforce,” added Cortizo.
Authorized under the CHIPS Act of 2022, the fund is administered by the US Department of State to support and encourage cooperation with countries it considers critical to the semiconductor industry.
Panama recognizes the importance of semiconductor technology as the foundation of economic growth, national security and technological innovation. It plays a key role in a variety of industries, including telecommunications, automotive, healthcare and consumer electronics.
With the rapid development of digital transformation and increasing reliance on advanced electronics, securing the semiconductor value chain has become a global imperative.
Recognizing the importance of workforce development in the fields high technology such as semiconductorsThe government of Panama has entered into talks with Arizona State University, a leading institution in innovation and a renowned player in the semiconductor industry.
Panama’s goal is to create a platform for collaboration with the university, with the goal of cultivating a skilled Panamanian workforce capable of taking advantage of promising opportunities, such as those offered by the United States.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
