Canada and IBM to Publish Chips Pact Amid Biden-Trudeau Visit

  • Bloomberg
  • Stock Market News
Canada and IBM to Publish Chips Pact Amid Biden-Trudeau Visit

(Bloomberg) -- Canada and International Business Machines (NYSE: IBM ) Corp. will publish a high-level agreement on expanding semiconductor cooperation on Friday, during US President Joe Biden’s visit to Ottawa.

The memorandum of understanding will seek to capitalize on the US push for semiconductor investment with its CHIPS Act, according to a government official familiar with the matter. The document will likely be released after Biden and Canadian Prime Minister Justin Trudeau hold their bilateral meeting Friday morning.

IBM already operates a large facility for testing and packaging semiconductors in Bromont, Quebec, less than an hour north of the US border.

The agreement will lay out a plan to further build out the microchip ecosystem in the region, particularly when it comes to workforce development. It will also pledge to look at increasing Canada’s role in the semiconductor supply chain and integrating it with US manufacturing.

Canada’s ultimate goal, the official said, is to develop a cross-border trade corridor for chip manufacturing, patterned on the extensive automotive sector cooperation between the two countries. Industry Minister François-Philippe Champagne has been meeting with IBM and other companies in the sector to push for more investment.

 

 

© Bloomberg. The IBM office in Foster City, California, U.S., on Wednesday, July 14, 2021. International Business Machines Corp. (IBM) is scheduled to release earnings figures on July 19. Photographer: David Paul Morris/Bloomberg

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