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Germany wants to attract chip makers with 14 bln euros of state aid -

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Germany wants to attract chip manufacturers with 14 billion euros ($14.71billion) in support, Economy Minister Robert Habeck stated on Thursday. He also said that there was a huge problem with the shortage of semiconductors in all areas, from smartphones to cars.

Global shortages of chips and supply chain bottlenecks have caused havoc for telecom operators, car manufacturers, and healthcare providers.

Habeck said, "It's quite a lot," to a group of Hanover family businesses.

The European Commission proposed new legislation in February to allow for more chip manufacturing in Europe.

U.S. chipmaker Intel Corp announced that it had chosen Magdeburg, Germany to host a massive new chipmaking facility worth 17 billion euros. Sources in the government said that the state was supporting the project with billions upon billions of euros of funds.

Habeck stated that there would be more examples like Magdeburg, even though German companies would continue to rely on other producers for components such as batteries.

He stated, "We must create our own strategy for securing primary materials."

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