German Chancellor Olaf Scholz announced today that he has larger investment plans for chip production.
Speaking after China restricted the export of metals used in high-speed computer chips, Scholz stated that they would be less dependent on foreign supply as a result of the investments made by Germany. Europe’s largest industrial producer is among the largest importers of the gallium and germanium metals that China has restricted. The European giant does not want to be dependent on China by making new investments.
Export control, announced by the Jinping government earlier in the week, has caused manufacturers to stockpile to secure supplies.
Chancellor Scholz has once again dismissed criticism that Germany has lost its investment attractiveness, citing recent investments by Intel and other companies.
Olaf Scholz
“It is impressive that so many German and international companies have chosen Germany to expand their semiconductor production.”
Giant chip manufacturer Intel allocated 30 billion Euros for two chip factories in June. Intel’s investment cost the German government a €10 billion subsidy promise.
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