Finnish tech and telecoms giant Nokia has announced plans to invest €360m at its two sites in Ulm and Nuremberg, Germany.

The funding will go into software, hardware and chips for 5G-Advanced and 6G communications systems. The company said today (17 January) that the project will be funded in collaboration with the German Federal Ministry of Economics and Climate Protection (MBWK) and the German States of Baden-Württemberg and Bavaria.

Tommi Uitto, president of Mobile Networks at Nokia, praised the latest investment opportunity, saying it “will support our efforts to advance the telecommunications industry in Germany and in Europe”.

“In particular, it will help our research into microelectronics that will power future technologies such as 6G, artificial intelligence and the metaverse as well as develop networks that are more energy-efficient and powerful,” Uitto continued. “Germany is an important market for Nokia, and we look forward to working with the government to produce cutting-edge technology that is ‘Made in Germany’.”

In 2021, Western Europe was the leading region for communications investment, recording more than 40% of the communications and media direct investments. Asia-Pacific came second, accounting for around one-fifth of overall inbound investment. On third came Central and Eastern Europe, followed by the Commonwealth of Independent States.

Nokia’s announcement comes amid sluggish growth expected across all large economies in 2024. According to GlobalData, Germany’s GDP is forecast to grow by 0.20% this year, slightly below the UK (0.25%) and far below India (6.08%) and China (4.44%).

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By GlobalData