The European Council has recently approved the European Chips Act (EU Chips Act) in a bid to double the EU’s global market share in semiconductors, from 10% now to at least 20% by 2030.
First announced in February 2022, the Chips Act hopes to mobilise €43bn in public and private investment, with €3.3bn coming from the EU budget. With this, the EU hopes to become an industrial base for the semiconductor market, attract further investment, promote research and innovation, and prepare for any future chip supply crisis.
In addition to this drive for ‘reshoring’ of the supply chain, Héctor Gómez Hernández, Spanish Minister for Industry, Trade and Tourism, said the Chips Act will place Europe as a frontrunner in the world semiconductor race. Having now been signed by the President of the European Parliament and the President of the Council, the regulation is published in the Official Journal of the European Union (EU) and is entered into force.
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