In three years time, it's intended there will be an advanced chipmaking foundry on the site, producing cutting edge two nanometer chips.

Currently, advanced chip manufacturers (are) concentrated in a handful of countries.

There are geopolitical economic security factors involved.

To survive as a nation, Japan needs to be a global main player with technology.

We can clearly demonstrate that with semiconductors.

As electric vehicles, AI and advanced weapons development spur demand,

the US is encouraging its allies to shore up supply chains and limit the risk of overreliance on China.

Because of the geopolitical risk between China and Taiwan, we are not expanding in mainland China.

We are building a large factory in Thailand.

Also, our presence in Germany and Japan is increasing.

Taiwanese circuit board maker Unimicron has been operating here for some time and now,

with government backed Rapidus setting up the longer term vision is to build Hokkaido's version of Silicon Valley.

Further south in Kumamoto, the world's largest chip maker, TSMC, has a $7 billion factory gearing up for production and another one in the pipeline.

The Japanese government is pouring a $28 billion into its chip revival strategy, with the city of Chitose experiencing a property boom as a result.

Companies and manufacturers have been moving overseas, and now we are beginning to see a trend towards a return to Japan.

I believe Rapidus is exactly the kind of business development that will give young people the opportunity to make different choices in their hometowns.

At the moment, Japan has a shortage of skilled chip industry workers to move in once the construction crews move out.

The hope is build it and they will come.

Paul Allen, Bloomberg.