EU members progress chip funding drive

Reuters reported a European Commission plan to push forward chip manufacturing within the European Union (EU) advanced, with representatives from member states agreeing to an amended proposal.

Citing comments from a European Council representative, the news publication stated the European Chips Act had been approved by EU member states, with a meeting scheduled for early December to rubber stamp the proposal before it goes to the European Parliament.

The scheme is set to be worth €43 billion in funding from a combination of public and private sources. It has reportedly already been subject to requested amendments including on the types of chip production being funded.

Reuters noted although the project was progressing, there were still potential sticking points about the make-up of the funding.

Pumping cash into Europe’s semiconductor sector is intended to fuel a jump in the proportion of chips being produced on the continent. The target is to double the global market share of players in the region to 20 percent by 2030.

Currently the semiconductor industry is dominated by companies in Asia.

Alongside Europe, the US has also been making moves to increase domestic production, plans which came to the fore during a supply chain squeeze in the wake of Covid-19 (coronavirus) related restrictions.

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