Germany’s government is ready to offer 14 billion euros ($14.71 billion) in support in order to attract chip makers, Economy Minister Robert Habeck said on Thursday.
“It’s a lot of money,” Robert Habeck told a gathering of family businesses in Hanover.
In February, the European Commission set out plans to encourage chip manufacturing in the European Union due to a boom in demand, with proposed new legislation to ease state aid rules for chip factories.
In March, U.S. chipmaker Intel announced it had picked the German town of Magdeburg as the site for a huge new 17 billion euro chipmaking complex. Government sources said at the time the state was promoting the project with billions of euros of funds.
Robert Habeck said there would be examples like Magdeburg though companies in Germany would remain dependent on producers elsewhere for components like batteries.
