The Dutch government was cornered by one of the world’s largest chip manufacturers

ASML hinted earlier this year that it was preparing to move in response to controversial Dutch plans to cut tax breaks for highly-skilled immigrants and limit the number of foreigners admitted to Dutch universities. Incidentally, more than 40 percent of ASML’s 23,000 staff working in the Netherlands are not Dutch.

Steven van Weyenberg On Thursday, the Dutch finance minister tried to calm everyone down when asked by host Karen Tso on CNBC, when he stated that he is sure that the “crown jewel” of their economy, the chip manufacturing company ASML, will remain in the Netherlands after the threat to leave.

“I think a lot of people, a lot of countries would welcome ASML, but I think they’re very embedded in the Netherlands,” Van Weyenberg told CNBC.

CEO of ASML, Peter Wennink in a January call with investors, he said:

The company manager made his comment after the Dutch government prepared to reduce tax benefits for highly qualified immigrants and to limit the number of foreigners who can be admitted to Dutch universities.

ASML is a key player in the world’s semiconductor supply chain. The company manufactures extreme ultraviolet lithography (EUV) machines, which are essential for the semiconductor industry for the production of integrated circuits. EUV machines generate large amounts of incredibly short wavelength light to print small, complex patterns on microchips.

Last month, the Dutch government launched a campaign called “Operation Beethoven” to try to address ASML’s concerns and convince them to stay in the Netherlands. The semiconductor equipment maker has since ruled out leaving the Netherlands entirely, but the company remains unhappy with its home country’s approach to growth.

“There is a significant gap between the industry’s concerns, the ideas we consider necessary, and the opinions of politicians,” ASML CEO Peter Wennink told reporters after a meeting with the Dutch government in March.