Taiwan Semiconductor Manufacturing Company (TSMC) has officially broken ground on its first European semiconductor plant in Dresden, Germany, as part of a joint venture with Bosch, Infineon, and NXP. This €11 billion project, backed by €5 billion in state aid from Germany, aims to enhance Europe's semiconductor production capacity, targeting a monthly output of 40,000 300mm wafers. German Chancellor Olaf Scholz emphasized the necessity of reducing dependence on external semiconductor supplies amid geopolitical tensions. The facility, managed by the European Semiconductor Manufacturing Company (ESMC), is expected to create around 2,000 high-tech jobs and promote sustainability through energy-efficient practices. The EU's Chips Act aims to double the region's share of global chip production to 20% by 2030, with TSMC's facility focusing on industrial applications, particularly in the automotive sector. This strategic move exemplifies Europe's commitment to bolstering its tech sector and securing critical supply chains.