Operation Beethoven: 2.5 billion euro investment to prevent ASML relocation

While countries around the world are engaged in a ‘Chip War’ to nurture the semiconductor industry, the Dutch government has decided to invest 2.5 billion euros to prevent the domestic semiconductor equipment company ASML from relocating its headquarters overseas. The primary objective is to significantly enhance housing, education, transportation, and power grid infrastructure in the Eindhoven area, where ASML's headquarters are located, and to provide various tax benefits, including corporate tax cuts.

According to Reuters, the Dutch government unveiled details of the so-called ‘Operation Beethoven’ aimed at preventing ASML from moving overseas on Thursday (local time) and announced its intention to provide 2.5 billion euros. It further emphasized, “We expect ASML to maintain its legal, accounting, and physical headquarters in the Netherlands.” ASML responded, “If today’s plan receives congressional support, we will continue cooperating with the government.”


Eun-A Cho achim@donga.com