The construction of a new chip factory in the eastern German city of Dresden was set to begin on Tuesday morning with a symbolic groundbreaking ceremony. The investment of just over €10 billion ($11.1 billion) is a joint project between Taiwan Semiconductor Manufacturing Company Limited (TSMC) and the firms Bosch, Infineon and NXP Semiconductor, which already have a presence in Dresden. TSMC is expected to hold a 70% stake in the plant, with the other partners each holding 10%. The plant will be known as the European Semiconductor Manufacturing Company (ESMC). Production is set to begin in 202…