€11 billion in Funding going Towards Chips for Europe Initiative

Chips for Europe is a European Union effort that intends to give the EU 20% of the global market’s value by 2030.

Commissioner for EU research and innovation, Mariya Gabriel explained: “The Chips for Europe Initiative is closely linked to Horizon Europe and will rely on continuous research and innovation to develop the next generation of smaller and more energy-efficient chips.”

The new strategy is in reaction to a global scarcity of microchips, which has caused automobile and product manufacturing to decelerate.

France is attempting to persuade members of the trade bloc to agree to a new economic development strategy that puts less of an emphasis on technology dependance from China and the US. Věra Jourová, vice president of the commission, pointed out that “the pandemic was the latest reminder that an era of cheerful globalisation is over.”

The European Parliament and EU members must discuss and decide on the manifesto prior to any laws taking effect.

Thierry Breton, the EU trade commissioner said: “With the EU Chips Act we will strengthen our research excellence and help it move from lab to fab – from the laboratory to manufacturing,”

Head of the Parliament’s research and industry committee, Cristian Bușoi, added that “we want to build a solid European industrial base, because chips are strategic and are at the core of the twin digital and climate transitions.”

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