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EU Council grants final approval to ‘Chips Act’ – Boosting Europe’s semiconductor ecosystem

July 27, 2023

EU Council greenlights transformative ‘Chips Act,’ paving the way for Europe to lead the global semiconductor race. With €43 billion in investment and ambitious market share targets, the regulation aims to bolster Europe’s semiconductor ecosystem, reduce foreign dependencies, and foster innovation in the region.

The European Council has definitively approved the “Chips Act,” a groundbreaking regulation designed to bolster Europe’s semiconductor industry. The approval marks the conclusive step in the decision-making process and sets the stage for transformative advancements in the region’s semiconductors field.

The primary objective of the Chips Act is to cultivate a robust European industrial base in semiconductor technology, attract substantial investments, drive research and innovation, and prepare the continent for any potential chip supply crises in the future. This forward-looking program aims to mobilize an impressive €43 billion in public and private investment, with €3.3 billion allocated from the EU budget. The ultimate goal is to double the EU’s global market share in semiconductors, surging from 10% to at least 20% by 2030.

Spanish Minister for Industry, Trade, and Tourism, Héctor Gómez Hernández, expressed enthusiasm about the Chips Act’s prospects, stating, “With the Chips Act, Europe will be a frontrunner in the world semiconductor race. We can already witness its impact with the establishment of new production plants, influxes of investments, and the initiation of groundbreaking research projects. In the long run, this initiative will lead to the renaissance of our industry and reduce our dependencies on foreign suppliers.”

With the Council’s endorsement of the European Parliament’s position, the legislative act has now been adopted. The next crucial steps entail the official signing of the regulation by the President of the European Parliament and the President of the Council. Once this is done, the regulation will be published in the Official Journal of the European Union and will come into effect on the third day following its publication.

Additionally, the Council has made amendments to the regulation establishing the joint undertakings under Horizon Europe, which enables the establishment of the “chips joint undertaking.” This new undertaking builds upon and renames the existing key digital technologies joint undertaking. The Council’s approval of this amendment follows consultations with the European Parliament. Both texts, the Chips Act and the amendment will be simultaneously published in the Official Journal.

 

Our take on this: The ‘Chips Act’ is a significant step towards bolstering Europe’s semiconductor industry and will, over time, bolster European manufacturing. In the office imaging sector, remanufacturers will continue to rely on chips from Asia.

Categories : World Focus

Tags : Business Chips Chips Act EU Semiconductors

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