The European Union has achieved final approval of the “Chips Act”, an ambitious regulation aimed at stimulating the semiconductor industry within the region and strengthening its position in the global market. In an official statement, the European Council revealed that it had given its final approval, which was the last stage in the lengthy decision-making process.
Given the go-ahead from member country representatives, this initiative is expected to dispense €43 billion in funding, opening up new opportunities and prospects for Europe’s technology sector. After the signing of the document by the President of the European Council and the President of the European Parliament, who has already approved the initiative, the “Chips Act” will soon become operational. The root of this initiative was planted by the European Commission in February 2022, when a strategy aimed at creating a strong industrial foundation for semiconductors within the EU was outlined.
A crucial element of the “Chips Act” is the goal of doubling the EU’s global semiconductor market share by 2030 from the current 10% to 20%. This step is essential to reduce import dependency and enhance the region’s security and technological sovereignty. One of the triggers for this initiative was the turbulent period following the Covid-19 pandemic, during which import supply chains, especially from China, were hit hard. In Italy, the fund will bring 5 billion euros for the construction of a semiconductor assembly plant.
#Europe #green #light #billion #Chips #Act #produce #technology #home