"This investment will not only boost our economy, but also remarkably strengthen our position on the semiconductor market," the minister, Jozef Sikela, said on social media platform X.
He said it will also help the "key engine" of the Czech economy, the auto industry, as Onsemi's semiconductors would be used for the production of electric cars.
The Czech Republic is home to three major car plants: Volkswagen's unit Skoda Auto, Toyota and Hyundai, which produced 1.4 million cars last year.
Onsemi said on its website the investment would target "intelligent power semiconductors that are essential for improving the energy efficiency of applications in electric vehicles, renewable energy and AI data centers".
The Czech government has yet to negotiate a package of investment incentives with Onsemi.
A multinational group listed on the Nasdaq exchange, Onsemi has 33,000 employees worldwide, including 2,200 staff in its three Czech plants.
The largest one, ON Semiconductor Czech Republic, produces chips and silicon wafers in the eastern town of Roznov pod Radhostem, employing more than 1,700 people.
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