German Economy Minister Robert Habeck has announced a whopping $14.61 billion in state aid as the country tries to attract chip manufacturers to invest in the country.

Habeck said semiconductors are important for almost every technology used in the country. Although he noted that the aid cost “a lot of money,” he believes it will help attract investors and chip makers.

The problem of the acute chip shortage affects technology companies around the world, with the majority of companies forced to scale back production and reduce their annual financial targets.

The American government, the European government and the chip manufacturers are working tirelessly to solve the problem. One way to solve the problem is to build chip factories. Although this would take years, it is believed that such measures will help to increase supply and effectively address the problem.

In March, U.S. chipmaker Intel Corp announced investments in Germany and chose the German town of Magdeburg as the site for a 17 billion euro chipmaking complex.

Habeck pointed out that other places in Germany would also benefit from similar investments, although companies in Germany would continue to be dependent on manufacturers from other countries for components such as batteries.