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Just recently, the EU Chips Act was given its final approval.

Just recently, the EU Chips Act was given its final approval.

For chip production and delivery, leaders want to rely less on foreign actors.

Governments all across the world have recently taken action to promote regional chip manufacture, including funding and tax incentives. For instance, the European Union recently enacted the Chips Act, a set of laws designed to increase the ability of its member states to produce semiconductors. The Chips Act, first announced in February 2022, proposes to employ investments totaling €43 billion ($47.5 billion) to raise the EU's share of microchip manufacture to 20% in 2030 from its current 10% level. The European Union Council also expects that it would "attract investment, promote research and innovation and prepare Europe for any future chip supply crisis." By 2030, it is expected that the semiconductor market will be worth $1 trillion, with smartphones, servers, data centers, and storage applications leading the way.

The EU may reduce its reliance on non-EU nations, including China, for semiconductor production by approving the Chips Act. The development, according to Héctor Gómez Hernández, Spain's Minister of Industry, Trade, and Tourism, will put Europe in the lead in the global semiconductors race. "We can already see it in action, with new manufacturing facilities, investments, and research initiatives. Additionally, in the long run, this will help our sector recover and lessen our reliance on foreign countries.

Following President Biden's signing of the CHIPS and Science Act into law in 2022, the EU gave the Chips Act its final approval. It made $52 billion in money and tax credits available to the US semiconductor industry, $39 billion of which was designated for efforts to boost semiconductor manufacturing; funding requests started to be accepted in the spring of 2023.

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