SAN FRANCISCO--Europe has its priorities misplaced when it comes to manufacturing, according to Globalfoundries CEO Ajit Manocha.
Manocha said there is a “fatal flaw” in the European Commission’s thinking when it comes to technology, with the organization putting all of its focus and resources into innovation while neglecting manufacturing.
Manocha said the only thing keeping European manufacturing afloat was the automobile industry, which continued to fuel growth, but that if Europe did not start taking more initiative in other manufacturing areas, Asia would continue to see its manufacturing prowess boosted.
“The benefit of European demand won’t be felt unless Brussels begins to put some emphasis on manufacturing,” he said, adding “Europe is not playing its role properly.”
Manocha said Asian countries rolled out “the red carpet” for foundries in terms of subsidies and facilitating business. Meanwhile, despite frequent meetings in Brussels, Manocha said he feels he is not making headway.
“Brussels needs to wake up and call,” he concluded.
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