The European Union has agreed to a landmark plan to boost its chip industry with aims to double the EU's global market share in semiconductors from 10% to 20% by 2030.
The initiative, dubbed the European Chips Act, seeks to help the bloc compete with the U.S. and Asia on tech, and secure control over a critical bit of technology behind the world’s electronics products and devices.on Tuesday. In a statement, they said the new rules would aim to double the EU’s global market share in semiconductors from 10% to 20% by 2030.
“This agreement is of utmost importance for the green and digital transition while securing the EU’s resilience in turbulent times,” Ebba Busch, the Swedish energy minister, said Tuesday.What’s in the Chips Act? The European Chips Act is a massive, 43-billion-euro package of public and private investments that aims to secure its supply chains, avert shortages of semiconductors in the future, and promote investment into the industry.Make sure the EU is self-sufficient.The EU Chips Act will invest 6.2 billion euros to promote industrialization of innovative technologies, establish competence centers for skill development, and ensure access to finance, the European Commission, the E.U.
Member states will also coordinate to monitor supply and forecast any shortages, the commission said. Since first announcing the plan last year, the EU has already attracted between 90 billion and 100 billion euros of public and private commitments for industrial deployment.Chips are effectively the brains of electronic devices. They’re used in everything from smartphones to gaming consoles — but also products you wouldn’t expect them in, like cars and refrigerators.
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