The government in Berlin is investing billions of euros in subsidies to lure tech companies, amid growing alarm over supply chain fragility and dependence on South Korea and Taiwan for chips.
Globally, semiconductor manufacturing is expected to become a trillion-dollar industry by 2030, expanding from $600 billion in 2021, according to McKinsey.īoth the United States and Europe are trying to lure big industrial players via a mix of state subsidies and favourable legislation, with Germany concerned about losing appeal as a place to invest. It unveiled plans on Friday for a $4.6 billion chip plant in Poland, another European Union member, while Israel said on Sunday that Intel would spend $25 billion on a factory there. The German deal marks Intel's third big investment in four days. "With this investment, we are catching up technologically with the world's best and expanding our own capacities for the ecosystem development and production of microchips." "Today's agreement is an important step for Germany as a high-tech production location – and for our resilience," Scholz said after Monday's signing. Under Gelsinger, Intel has been investing billions in building factories across three continents to restore its dominance in chipmaking and better compete with rivals AMD (AMD.O), Nvidia (NVDA.O) and Samsung (005930.KS). Intel CEO Pat Gelsinger said he was grateful to the government and the state of Saxony-Anhalt, where Magdeburg is located, for "fulfilling the vision of a vibrant, sustainable, leading-edge semiconductor industry in Germany and the EU".
chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city. Tens of thousands of jobs to be created as a result - IntelīERLIN/STOCKHOLM, June 19 (Reuters) - Intel (INTC.O) will spend more than 30 billion euros ($33 billion) to develop two chip-making plants in Magdeburg as part of its expansion push in Europe, a deal Chancellor Olaf Scholz hailed on Monday as Germany's biggest ever foreign investment.īerlin has agreed subsidies worth nearly 10 billion euros with the U.S.Move highlights Berlin's efforts to attract foreign investment.Intel to get 10 bln euros in subsidies from Germany - source.Move marks biggest foreign investment in Germany in history.
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