The European Union has approved a €43 billion ($47.5 billion) plan to develop more fabs and increase semiconductor production in the region. The move will aim to double the EU’s global market share from 10 percent to “at least” 20 percent by 2030, according to a European Council press release.
“In the long run, this will also contribute to the renaissance of our industry and the reduction of our foreign dependencies,” Héctor Gómez Hernández, Spanish minister for industry, trade, and tourism, said in a statement. The Chips Act is meant to attract more investment and elevate research in Europe so that the bloc can be ready for future semiconductor shortages and be less reliant on foreign chips.The news comes more than a year after the EU outlined ambitious plans to become a leader in developing and fabricating semiconductor chips. Companies like Intel are already building new manufacturing facilities in the continent.
The Chips Act follows after the United States’ increased domestic investments. The US has dedicated $52 billion to compete with China on semiconductor production with the CHIPS and Science Act passed in 2022. The Biden administration is offering $39 billion in incentives for companies to build plants stateside.
by Sorry_Wing_07
3 comments
Intel is already investing heavily in Magdeburg, Germany and other European countries. Europe finally is trying to get competetive in this sector!
“As a first step, Intel plans to invest €17 billion in a state-of-the-art semiconductor mega-fab in Magdeburg. Planning for the first two factories begins immediately.”
https://www.intel.com/content/www/us/en/corporate-responsibility/intel-in-germany.html
Am I the only one thinking 43 bln is t nearly enough to compete with the investments the US and china are making?
Europe first! Less China, Russia, USA! More European goods produced in EU… a very very good thing. 👍