Gov. Wes Moore announced plans Tuesday to pour millions of taxpayer dollars into an effort to boost the “capital of quantum” in Maryland, hoping the investment will pay off with jobs and economic activity in the emerging computing industry.

The $27.5 million effort would be a joint venture of the state government, the University of Maryland and private companies, Moore said during an event at IonQ, a quantum computing company in College Park.

“Quantum is going to drive advancement across sectors,” Moore said, emphasizing the importance of the state making a “big bet” on the industry.

Quantum is a field of computing that holds the promise of massively increasing computing speed and capacity. The University of Maryland, College Park, has established itself as an academic and research hub for the discipline.

University President Darryll J. Pines said the technology holds “immense promise.”

“Through this emerging technology, one day we will be able to make exponential advancements in areas such as cryptography, materials design and development, new battery technology, quantum networks, precision navigation and timing ... and yes, of course, artificial intelligence,” Pines said.

The investment in quantum computing is part of the Democratic governor’s budget and policy priorities for 2025, which he has been gradually rolling out. He’s facing a challenge of closing a nearly $3 billion gap between revenue that’s coming into the state and planned expenses.

Moore already has said he’ll cut $2 billion worth of planned spending, and earlier on Tuesday offered broad outlines of a plan to increase taxes on high earners while lowering the corporate tax rate and giving a tax break to about two-thirds of residents. He said there will be no increase to the state sales tax.

The governor hopes that growing the economy will lift the state’s financial picture. He’s previously said that the state relies too heavily on economic activity and jobs related to the federal government, education and medicine. He wants the state to diversify and support emerging industries.

“Economic growth is at the center of everything we hope for, and is the key to overcoming every single challenge that sits in front of us,” Moore said.

To that end, Moore said he’ll sponsor multiple bills focused on economic development, including measures to expand apprenticeships and to provide more opportunities for Maryland companies to secure contracts for work with the state government.

The details of the bills would be offered “in the coming days,” Moore said.

Moore also said his proposed budget, which he’ll unveil on Wednesday, will include $750 million in programs focused on economic and workforce development.