Germany earmarks 20 billion euros for chip industry in coming years

Germany earmarks 20 billion euros for chip industry in coming years

Germany has announced plans to invest approximately 20 billion euros ($22.15 billion) in the semiconductor industry in the coming years. This decision comes as concerns grow over the vulnerability of supply chains and the country’s reliance on South Korea and Taiwan for chips.

The funding for this investment will be sourced from the Climate and Transformation Fund starting in 2024. However, the ministry clarified that it can only provide funding for specific projects once they receive approval from the European Commission.

The economy ministry revealed that Taiwanese semiconductor manufacturer TSMC (2330.TW) has shown interest in investing in a semiconductor production facility in Germany. The ministry is currently engaged in close communication with the company to finalize the investment decision.

In a separate development, Berlin recently agreed to provide subsidies worth nearly 10 billion euros to U.S. chipmaker Intel. These subsidies will support the construction of two facilities in the city of Magdeburg in eastern Germany.

($1 = 0.9029 euros)

Reporting by Riham Alkousaa, Editing by Friederike Heine

Our Standards: The Thomson RushHourDaily Trust Principles.

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