Following the European Parliament’s recent approval of the “EU Chip Act”, entitled “Strengthening the European Semiconductor Ecosystem”, the European Council has endorsed it. This important legislation aims to strengthen the European semiconductor sector by creating a growth-friendly climate, attracting investment, supporting research and innovation, and preparing for future chip supply issues. Through this legislation, the European Union (EU) hopes to mobilize a total of €43 billion in public and private investment, including €3.3 billion from the EU budget. The main objective is to more than double the EU’s current share of the global semiconductor industry from 10% to at least 20% by 2030.
As a result of this initiative, well-known companies such as Intel and STMicroelectronics have already announced their intention to set up new semiconductor plants in Europe, showing their support for the EU Chip Act.
One of the most important parts of the EU Chip Act is the call for increased investment in chip development. Governments in the region will also be able to support the production of “first innovation” chips.
The legal process for the EU Chip Act is now complete, thanks to the European Council’s endorsement. The law was approved by the European Parliament earlier this month and will be published in the Official Journal of the European Union after being signed by the Presidents of the European Parliament and the Council. The “EU Chip Act” will enter into force on the third day after its publication.
This historic legislation is an important step in strengthening the European semiconductor sector, promoting technological development and increasing Europe’s competitiveness in the global chip market. The “EU Chip Act” prepares the EU to play a more significant role in the future semiconductor environment by attracting significant investment and fostering innovation.