- Minister expects release of Intel aid by the end of the year
Saxony-Anhalt's Minister of Economic Affairs, Sven Schulze (CDU), expects that the EU will only release the state aid for the Intel settlement in Magdeburg towards the end of the year. Only then could the next steps be legally taken, Schulze said in the Economic Committee of the state parliament. However, he believes that the Intel settlement in Magdeburg is not at risk. "The fact is that we will continue our work in the coming weeks and months," he said.
Last year, the federal government approved state aid of 9.9 billion euros for the settlement. However, this still needs to be approved by the EU. The US company plans to build several chip factories in the state capital of Saxony-Anhalt. The investment of around 30 billion euros is the largest investment in Germany since World War II.
Intel recently announced a cost-cutting program that would result in 15 percent of jobs being cut. The plans for investments in Europe, including the factories in Magdeburg, had also changed. Intel confirmed that plans for investments in research and development in France have been paused, and plans in Italy are no longer being pursued.
For Saxony-Anhalt's Minister of Economic Affairs, Schulze, the Intel settlement goes beyond the US company. He said that they are already in concrete talks with research institutions to also settle this sector in Magdeburg.
The EU's delay in releasing the state aid for the Intel settlement in Magdeburg extends into the end of the year. Following this approval, Saxony-Anhalt's Minister of Economic Affairs, Schulze, aims to advance the next legal steps for the project.
Despite Intel's recent cost-cutting measures and changes in investment plans, Schulze remains optimistic about the Intel settlement, as well as their ongoing discussions with research institutions to establish a strong presence in Magdeburg beyond the US company.
