Italian government plans $10 billion investment into semiconductor industry in 2024

The Italian government has plans to invest around $10 billion into the semiconductor industry this year, where it plans to become one of the biggest microelectronics products in Europe.

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Industry Minister Adolfo Urso told reporters in Pescara, where the ruling party Fratelli d'Italia met over the weekend: "Italy is preparing to become one of the largest microelectronics producers in Europe". Urso added: "I believe that in the coming weeks we will be in a position to make other equally significant announcements".

Urso announced a $3.4 billion investment into Singaporean startup Silicon Box, back in March 2024, which would see a new chip factory build in the north of the country. This announcement was born out of the Italian government's failure to convince Intel to invest, reports BNN Bloomberg.

Italy must be feeling the pinch of being out of the semiconductor race in the country, with ASML headquartered in Eindhoven, in the Netherlands. The Dutch government wanted to keep ASML -- which is the country's biggest company -- in the Netherlands, activating what the Dutch government called "Operation Beethoven" to invest in the region of Eindhoven, keeping ASML nice and snug and warm in the Netherlands.