The U.S. State Department unveiled its plans to roll out the CHIPS Act International Technology Security and Innovation Fund (ITSI), which will help develop a stable supply chain for semiconductors, a key component for a number of industries, from healthcare and communications to defense.
According to a March 14 State Department news release, the U.S. is a leader in the sector and understands the importance of international cooperation to ensure a stable supply chain, with no nation able to produce every component domestically.
“We’re delivering on @POTUS’s commitment to secure digital networks and semiconductor supply chains,” Secretary of State Antony Blinken said in a March 14 post on Twitter. “Today, @StateDept is announcing our plan to use funding from the #CHIPSAct to support global supply chains and secure the global Internet."
According to a State Department briefing, the ITSI will be involved in the Digital Connectivity and Cybersecurity Partnership to construct stable and secure global communications technology infrastructure. The release also noted the fund will provide money to support cybersecurity efforts and partner with nations to defend, manage and respond to potential threats and ensure the digital economy is secure.
The DCCP is a global initiative to ensure the internet’s reliability, security and openness is protected, and it promotes investments in information and communications technologies infrastructure to ensure this, according to the State Department. As a result, it is a key stakeholder of internet governance and has among its objectives, a growing global market for quality information and communications technology equipment.
Moreover, the partnership will boost cybersecurity and privacy measures, and partnering countries can reap the benefits of a secure digital economy courtesy of private-sector investments, best practices and regulatory reforms, the State Department reported.
ITSI provides the State Department $500 million spread over five years to secure and strengthen the country's economic community by expanding global semiconductor manufacturing, securing semiconductor supply chains and developing secure networks and services, according to the news release.
