Germany looks to cut its reliance on China with a new $2.2 billion commodities fund
Germany aims to set up a fund worth up to $2.2 billion to support domestic production and mining of raw materials and cut off its reliance on China, according to a Wednesday Bloomberg report.A spokesperson for the Economy Ministry of Germany confirmed to Bloomberg that it's working on a"raw materials fund to support raw materials projects at home and abroad."
With nations around the world vying for key electric-vehicle and chip-making materials, Germany's move would help it position itself to be more self-dependent, given that it relies on imports for 90% of crucial commodities, data from DIW Berlin shows.
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