The German government has finalized plans to sign an agreement with Intel, marking the conclusion of negotiations regarding the establishment of a new chip-making complex in Germany.
Although the exact amount of state funding for the project in the central German city of Magdeburg has not been officially disclosed by Berlin, reports suggest that Intel is expected to receive significant subsidies. The Handelsblatt business daily revealed last week that the U.S. company is likely to be granted 9.9 billion euros ($10.84 billion) in subsidies, which is an increase from the previously promised sum of 6.8 billion euros.
The agreement between the German government and Intel signifies a major step toward strengthening the country’s semiconductor industry and fostering technological advancements. The chip-making complex in Magdeburg is expected to contribute significantly to the growth and innovation of the German tech sector.