€14 billion to attract semiconductor players to Germany
EUR 14 billion in state support is the German governments new strategy to attract more chipmakers to the country.
“We must develop our own strategy to secure primary materials,” Economy Minister Robert Habeck told a gathering of family businesses in Hanover in early May, according to a Reuters report.
Back in February, the EU Commission presented its European Chips Act – aiming to strengthen manufacturing activities in the EU, support the scale-up and innovation of the whole value chain and address the security of supply. The General aim is to ease state aid rules for semiconductor fabs.
A month later, US chipmaker Intel announced its plans to set up semiconductor manufacturing in Magdeburg, investing EUR 17 billion into a “leading-edge semiconductor fab mega-site” in the German town. It was later reported that the state had promoted the project with billions of euros in funds.
During his address, Economy Minister Robert Habeck said that there would more examples like Magdeburg – continuing to say that the region must develop its own strategy to secure primary materials.