Semiconductor & AI firms to be targeted for state investment…
Semiconductor & AI firms to be targeted for state investment…
Semiconductor and artificial intelligence companies are to be targeted by the Irish government for large-scale subsidies under plans being brought to cabinet today.
Peter Burke, the minister for enterprise, will be launching a call for Important Projects of Common European Interest (IPCEI), which are innovative cross-border projects in the European Union that governments and companies fund together under relaxed state aid rules.
Successful companies will be able to access large-scale funding from the EU and the Irish government, normally not allowed under state aid rules.
Analog Devices, the US-based semiconductor company with operations in Limerick, was previously approved under the IPCEI for a €630 million co-investment from the state to expand its research and development activities in Ireland. The result was an additional 600 new jobs.
Minister Burke will tell cabinet colleagues of his plan to launch a call for expressions of interest from companies working in AI, semiconductors and computer infrastructure.
The move comes after plans were unveiled in the budget for the government to spend €300 million on three mega-sites to attract major chip manufacturers to the country.
The first site being targeted is a 1,000-acre Galway location, which is intended to attract an advanced semiconductor fabrication facility to Ireland as part of the next generation of foreign direct investment, with Intel, Nvidia and TSMC all in the government’s sights.
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