Germany Invests 2 Billion Euros In Chip Production

2024-11-30 12:11:36

(MENAFN- AzerNews) By Alimat Aliyeva

The German authorities are set to invest approximately 2 billion euros in the development of the country's semiconductor industry, Azernews reports.

Sources indicate that the German Economy Ministry plans to allocate these funds to 10-15 projects across various sectors, including semiconductor wafer production and chip assembly.

A representative from the Ministry confirmed that the investment amount would ultimately reach several billion euros but declined to provide further details. The ministry emphasized that these funds would be directed toward chip manufacturers to establish "modern production facilities that will significantly surpass the current production capacity."

Earlier, the Economy Ministry invited chip manufacturers to apply for subsidies. However, it was also noted that after the federal elections scheduled for February next year, the incoming government may reconsider the subsidy plans as part of its budgetary decisions.

The German semiconductor industry is currently facing a serious crisis. In September, U.S.-based Intel Corporation announced it would suspend its plans to build a €30 billion plant in Magdeburg, Germany. Additionally, companies like Wolfspeed and ZF Friedrichshafen have also canceled their plans to manufacture chips in western Germany.

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