New york: 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.

According to Anadolu Agency, 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.

Jamie Dimon, the CEO, stated that it has become clear that the US has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing, which are essential for national security. He emphasized the need for America to increase speed and investment while removing obstacles such as excessive regulations, bureaucratic delays, partisan gridlock, and a misaligned education system.

The firm identified four key areas for focus: supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, and frontier and strategic technologies. These areas are further divided into 27 sub-areas, ranging from shipbuilding and nuclear energy to nanomaterials and critical defense components. The firm also noted plans to facilitate and finance approximately $1 trillion over the next decade in support of clients in these important industries.