Berlin's government is spending billions of euros on incentives to entice IT firms, despite rising concern over the supply chain's fragility and its reliance on South Korea and Taiwan for semiconductors.
As part of its ambition for expansion in Europe, Intel will invest more than 30 billion euros ($33 billion) in the development of two chip-making facilities in Magdeburg. Chancellor Olaf Scholz welcomed the agreement on Monday as the largest foreign investment Germany has ever received.
According to a person familiar with the situation, Berlin has decided to provide subsidies worth up to 10 billion euros to the American chipmaker, above the 6.8 billion euros it had previously given Intel to construct two cutting-edge facilities in the eastern metropolis.
The government and the state of Saxony-Anhalt, where Magdeburg is located, were thanked by Intel CEO Pat Gelsinger for "fulfilling the vision of a vibrant, sustainable, leading-edge semiconductor industry in Germany and the EU."
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