According to reports, German Economy Minister Robert Habeck said recently that the German government hopes to attract more chip manufacturers to invest in chip manufacturing locally with 14 billion euros (about $14.71 billion).

Global chip shortages and supply chain issues are taking a toll on automakers, healthcare providers, telecom operators, and more. Habeck added that the shortage of chips for everything from smartphones to cars is a big problem these days.

As demand for chips surged, the European Commission in February drew up plans to encourage chip manufacturing projects in the EU and proposed new legislation to ease state aid rules for chip factories.

While German companies will still rely on companies elsewhere for components such as batteries, there will be more examples like Intel's investment in Magdeburg, Habeck said.

"We have to develop our own strategy to secure the supply of raw materials," he said.