Germany and Intel have signed an agreement that will see the German government provide the US company with 10 billion euros in subsidies to build a semiconductor manufacturing plant in Magdeburg, eastern Germany.
The agreement was announced by German Chancellor Olaf Scholz and Intel CEO Pat Gelsinger at a ceremony in Berlin on Monday. The plant is expected to create 7,000 jobs and generate billions of euros in economic activity.
The German government's decision to provide such a large subsidy is a sign of its commitment to increasing Europe's share of the global semiconductor market. The EU currently has less than 10% of the global market, and it is hoping to boost that share to 20% by 2030.
Intel's plant in Magdeburg is part of a broader effort by the EU to reduce its reliance on foreign suppliers for semiconductors. The EU is also investing in research and development in the semiconductor industry, and it is working to create a more supportive regulatory environment for the industry.
The agreement between Germany and Intel is a major step forward for the EU's efforts to become more self-sufficient in semiconductors. It is also a sign of the growing importance of semiconductors to the global economy.
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