Italy PM To Meet Intel Over Multibillion-Euro Chip Investment

Italy's Prime Minister Giorgia Meloni eyed a meeting with representatives of Intel Corp INTC to discuss a possible multibillion-euro investment by the U.S. chipmaker in Italy.
Intel aimed to build a chip factory in the country as part of a broader plan to invest up to €80 billion ($85.15 billion) over the next decade in building capacity across Europe, Reuters reports.
The yet-to-be-finalized deal will likely involve state subsidies.
"In the coming days, I'll seek to schedule a meeting to ask Intel what we can do to facilitate their investment in Italy, which I think is highly strategic," Meloni said during a year-end press conference, according to Reuters.
As of March, Italy looks to earmark over €4 billion ($4.6 billion) until 2030 to boost domestic chip manufacturing as it seeks to attract more investment from tech companies like Intel.
Brussels has made €15 billion in additional public and private investment available by 2030, on top of €30 billion in public investments.
As of August, Italy neared a deal with Intel to build an advanced semiconductor packaging and assembly plant in the country.
The deal was initially worth $5 billion.
Price Action: INTC shares closed higher by 2.62% at $26.21 on Thursday.