By Gokhan Ergocun
ISTANBUL (AA) - The US-based investment firm JPMorganChase launched on Monday a $1.5-trillion security and resiliency initiative to boost critical industries in the coming decade.
"As part of this new initiative, JPMorganChase will make direct equity and venture capital investments of up to $10 billion to help select companies primarily in the United States enhance their growth, spur innovation, and accelerate strategic manufacturing," the firm said.
Jamie Dimon, the CEO, said it has become painfully clear that the US has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing -- all of which are essential for national security.
“Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment. It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need," he added.
The firm determined four key areas, including supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, frontier and strategic technologies.
It divided these four key areas into 27 sub-areas, ranging from shipbuilding and nuclear energy to nanomaterials and critical defense components.
"The firm had already planned to facilitate and finance approximately $1 trillion over the next decade in support of clients in these important industries," it noted.