Germany will invest about 98 billion yuan to attract chip makers

German Economy Minister Robert Habeck revealed that 14 billion euros (about 14.7 billion US dollars, 98 billion yuan) will be provided to attract chipmakers to Germany. He also said the semiconductor shortage, which has affected everything, including smartphone and car production, is a big problem.

Automakers, medical providers, telecom operators, and others are in big trouble due to chip shortages and supply chain bottlenecks. "That's a lot of money," Harbeck said at the meeting.

In February of this year, the European Commission drew up plans to stimulate the development of chip manufacturing within the EU, and it also proposed new laws to relax rules on state donations for chip factories.

In March, Intel announced that it would invest 17 billion euros to build a factory in Magdeburg, Germany. At the time, sources from the German government said Germany would provide billions of euros in support.

While Germany will rely on manufacturers elsewhere for components such as batteries, examples like Magdeburg will grow, Habeck said. "We have to develop our own strategy to keep key raw materials safe," he said.

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