Silicon Box, a semiconductor company based in Singapore, has announced plans to invest 3.2 billion euros ($3.50 billion) in constructing a new plant in northern Italy, according to a statement from the country’s industry ministry released on Monday.
This investment comes as part of Italy’s ongoing efforts to attract investment from technology companies, particularly following the failure to finalize a deal with the U.S. semiconductor giant, Intel.
The statement from the industry ministry highlighted the significant economic impact of the project, stating that at full capacity, the investment is expected to create 1,600 new direct jobs. Additionally, there will be a substantial number of indirect jobs generated both during the construction phase of the facility and within the broader supply and logistics ecosystem once the plant is fully operational.
