Robert Bosch GmbH of Germany, a leading global automotive solutions provider, plans to invest €3 billion in its own semiconductor business by 2023.

The company noted that part of the investment will be directed to the construction of two development centers in Reitlingen and Dresden.

The investments will become part of the European program for the development of the microelectronics and communication technologies industry, which is called IPCEI (Important Projects of Common European Interest). The press release did not specify what role the European Union would play in Bosch’s investment.