Samsung to get huge subsidies from European Union to build chip factories

The Covid-19 pandemic considerably affected the tech industry as the market share and revenue of several phone makers have reduced. Not only market share, but the epidemic also drew a negative impact on the supply chain as the industry facing a big problem of chip shortage.

In order to get recovered from this impact, several manufacturers as well as countries, are performing their full of efforts. And now, following the US government’s invitation to talks with semiconductor industry manufacturers, European Union also plans to provide huge subsidies to invite Samsung, Intel, and TSMC to set up factories to build its own semiconductor industry chain.

At the same time, German media outlets pointed out that the automotive industry is suffering from chip shortages, highlighting the need to strengthen the semiconductor industry chain in Europe. Europe is particularly interested in advanced manufacturing processes below 10nm and intends to expand design and manufacturing capacity.

Thierry Breton, the European Commissioner in charge of industry and services said:

“He plans to have a meeting with representatives of Intel, TSMC, and Samsung on the 30th of this month. Breton also plans to meet with the CEOs of NXP in the Netherlands and ASML in the Netherlands to discuss the possibility of building a European semiconductor industry chain.”

Reports suggest, in order to make the plan for new fabs in the United States and Asia longer and shorter, the EU will provide tens of billions of euros in subsidies to attract foreign companies to set up factories.

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