AUSTIN (KXAN) — Samsung Austin Semiconductor on Friday morning announced a $3.7 million investment to the University of Texas for Central Texas’ semiconductor ecosystem.

Samsung said in a social media post the money will “bolster semiconductor ecosystem in Central Texas.”

The announcement was made during UT’s Semiconductor Day, which is a full day of open forums bringing together industry leaders, academia, government officials and students to discuss the semiconductor industry, innovative research being done on campus, and the opportunity for Texas to continue its leadership in semiconductor manufacturing, according to a release.

According to UT, the partnership includes funds for recruiting and supporting undergraduate and graduate students to study semiconductor manufacturing in the Cockrell School of Engineering and other majors across UT, as well as research and development support and upgrades to lab facilities.

UT said in a release the partnership will “elevate UT’s semiconductor education, innovation and research and position the state as a leader in the burgeoning U.S. semiconductor industry.”

Samsung is contributing $1 million to the Cockrell School as part of its workforce development plan. It’s also contributing an additional $2.7 million to the Cockrell School with an emphasis on research and development.

According to a July report by the Semiconductor Industry Association, the industry’s workforce will grow by nearly 115,000 jobs by 2030. However, due to national degree completion rates in related disciplines, approximately 67,000 of these new jobs are at risk of going unfilled — 27,300 of which are for engineers.

“Being able to pull from a skilled and large workforce is of utmost importance for us,” said Samsung Austin Semiconductor President Bonyoung Koo. “That is why we’re investing in a neighboring, top-ranking engineering school such as the Cockrell School.”

U.S. Sen. John Cornyn and UT President Dr. Jay Hartzell were at Semiconductor Day.

Cornyn authored the Creating Helpful Incentives to Produce Semiconductors, or CHIPs, for America Act, which is now law, to promote semiconductor manufacturing in the United States by increasing incentives to stimulate advanced chip manufacturing, enable cutting-edge research, secure the supply chain, create jobs, and ensure long-term national security, according to his office. He secured $52 billion for the effort.

“UT Austin’s leadership in America’s semiconductor industry and our role in Austin’s emergence as an industry hub date back to the 1980s,” Hartzell said. “Our Legislature’s bold investment in the CHIPS Act is positioning UT to design and build the future of semiconductors, and now our partnership with Samsung enables us to educate the workforce, fundamental to bolstering the U.S. supply chain. We could not be more excited to work with Samsung to help achieve this important goal.”