The European Union has agreed a 43-billion-euro ($47 billion) plan to boost its semiconductor industry to try to catch up with the U.S. and Asia.
The EU Chips Act aims to double the bloc's global chip output to 20% by 2030.Florence Lo | Reuters
The European Union has agreed a 43-billion-euro plan to boost its semiconductor industry to try to catch up with the United States and Asia, EU industry chief Thierry Breton said on Tuesday. The European Commission, EU countries and EU lawmakers had been negotiating on the final details of the Chips Act in Strasbourg, eastern France, since 7 a.m. .Reuters reported on April 5 a deal was imminent this week.
The Chips Act aims to double the bloc's share of global chip output to 20%by 2030 and comes after the United States announced its CHIPS for America Act to compete with Chinese technology. While the Commission had originally proposed funding only cutting-edge chip plants, EU governments and lawmakers have widened the scope to cover the whole value chain, including older chips and research and design facilities."The EU Chips Act will crowd-in investments to where they are most needed – in manufacturing capabilities, skills, and R&D.
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