Prague, Jun 19 (AP) The US chipmaker onsemi is planning a multi-year investment of up USD 2 billion in its production facility in the Czech Republic, the company and the Czech government said on Wednesday.

The government said the money will be invested in the company's existing production facility in the eastern Czech town of Roznov pod Radhostem. It's the biggest single foreign investment in the country since the split of Czechoslovakia in 1993.

Also Read | Vladimir Putin’s North Korea Visit: Russian President Putin, Kim Jong Un Sign Strategic Partnership Treaty Calling for Mutual Assistance if Either Gets Attacked.

The company based in Scottsdale, Arizona, currently produces 10 million chips a day in Roznov. The investment would increase production by hundreds of percent, the government said. It said the number of jobs created in Roznov will increase to 3,000 from the current 1,700.

The company said the move “would solidify advanced power semiconductor supply chain for its European and global customer base.”

Also Read | Indian Millionaires Migration 2024: About 4,300 Millionaire To Leave India This Year and Go to Other Countries, Says Report.

“The site would produce the company's intelligent power semiconductors that are essential for improving the energy efficiency of applications in electric vehicles, renewable energy and AI data centres,” it said in a statement.

The car industry is a key part of the Czech economy. Germany's Volkswagen that owns Skoda Auto, the country's biggest export company, is a strategic partner for onsemi.

The Czech government said it will negotiate with onsemi about incentives it can offer to the company. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)