US President Donald Trump has signed an executive order to establish an office to speed up investments in the country.

The office within the Commerce Department, called the United States Investment Accelerator, will facilitate and accelerate investments above $1 billion in the US, according to the order signed on Monday.

According to the order, the office aims to reduce regulatory burdens, increase access to national resources, and facilitate collaboration with national laboratories and state governments.

"The Investment Accelerator shall be responsible for the CHIPS Program Office within the Department of Commerce, which shall focus on delivering the benefit of the bargain for taxpayers by negotiating much better deals than those of the previous administration," it said.

The order also said the Investment Accelerator would identify any existing mechanisms and opportunities in Federal law that can be used to assist foreign and domestic investors.

'Horrible' CHIPS Act

Trump has frequently criticised former President Joe Biden's $52 billion semiconductor subsidy programme, calling the bipartisan CHIPS Act a "horrible thing."

Earlier in March, he said US lawmakers should get rid of it and instead use the proceeds to pay debt.

The new office will be responsible for "negotiating much better CHIPS Act deals than the previous administration," the White House said, without providing further details on what would be negotiated. 

The Investment Accelerator will also encourage companies to make large investments in the US by reducing regulatory burdens, speeding up permitting, coordinating with federal agencies and states, and increasing access to national resources, according to a fact sheet released by the White House.