EU outlines €43 billion plan to fix Europe’s chip shortage
Photo by Guo Junfeng/VCG via Getty Images The European Union has outlined an ambitious new industrial policy that aims to make the bloc a significant player in the global semiconductor industry.
The European Chips Act, adopted this week by the EU Commission, bundles together 43 billion ($49 billion) in public and private funding for the sector, with an end-goal of doubling the EU's share of global chip production from 9 percent to 20 percent by 2030.
For years, the EU has wanted to increase its leadership in the development and fabrication of semiconductor chips (it unveiled a similar funding package in 2013), but the global supply chain crisis triggered by the pandemic has sharpened the urgency of these plans.
the global shortage of chips has really slowed down our...