BERLIN – Germany plans to invest around 20 billion euros ($22.15 billion) in the semiconductor industry in the coming years, the economy ministry said on Tuesday, amid growing alarm over supply chain fragility and dependence on South Korea and Taiwan for chips.
The money will be drawn from the Climate and Transformation Fund from 2024 onwards, the ministry said, adding that it could only give funding for individual projects after European Commission approval.
It said Taiwanese semiconductor manufacturer TSMC expressed interest in investing in a semiconductor production facility in Germany and that the ministry was in close contact with the company over an investment decision.
Last month, Berlin agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker Intel to build two facilities in the eastern city of Magdeburg.
($1 = 0.9029 euros)
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
