Germany Ready To Double State Aid For Semiconductor Industry, Says Minister: Report

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  • He has already earmarked 5 billion euros ($5.9 billion) in government money to support chip makers under a European Union-backed scheme
  • GlobalFoundries has already applied for funding under the second edition of the so-called Important Project of Common European Interest, or IPCEI, for microelectronics as it looks to expand its local production capacity from 2024

As per a report by Reuters, Germany is ready to double state support for the semiconductor industry, Economy Minister Peter Altmaier said. Altmaier made the comments on a trip to Dresden, the region’s largest semiconductor industry cluster, where he visited plants run by Infineon and GlobalFoundries. He has already earmarked 5 billion euros ($5.9 billion) in government money to support chip makers under a European Union-backed scheme.

High interest from significant investors from outside Germany

The report added that citing “high interest from significant investors from outside Germany”, Altmaier told a news conference that the state support could be doubled to 10 billion euros.

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The report said that GlobalFoundries has already applied for funding under the second edition of the so-called Important Project of Common European Interest, or IPCEI, for microelectronics as it looks to expand its local production capacity from 2024. Intel is also looking for state aid as is Intel CEO Pat Gelsinger, who is this week visiting Europe for the second time since taking the helm at the company earlier this year. Altmaier said he expected initial approvals for investments under the microelectronics IPCEI later this year, with final clearance expected in 2022.

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