American memory chip maker Micron Technology Inc plans to invest $40 billion by the end of this decade to expand chip production in the US.

As a result of these investments, up to 40,000 new jobs will be created, the company said .

Micron plans to use loans and grants for these purposes under the law on providing $280 billion for the development of semiconductor technologies, approved by the US Congress at the end of last month.

The release of new chips is planned to begin after 2025.

Micron expects that it will be able to increase production in the US from the current 2% to 10% of the global total.