EU States Advance Chip Funding Plan

The European Commission’s plan to push forward chip manufacturing within the EU has advanced, Reuters reported. Representatives of the member states agreed to an amended proposal.

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 plan 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.

Although the project is progressing, there are still potential sticking points regarding 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% by 2030. Alongside Europe, the US has also been making moves to up-home production.