EU's chip production plan aims to ease dependency on Asia
ABC News
The European Union is announcing a $48 billion plan to become a major microchip producer to try to curb its dependency on Asian markets for the component that powers everything from cars to game consoles
BRUSSELS -- The European Union announced a $48 billion plan Tuesday to become a major microchip producer to try to curb its dependency on Asian markets for the component that powers everything from cars to hospital ventilators and game consoles.
At a time when natural gas shortages and reliance on Russia for energy shows the political risks of economic dependency, the 27-nation bloc is moving to boost its economic independence in the critical semiconductor sector with its Chips Act.
“Chips are at the center of the global technological race. They are, of course, also the bedrock of our modern economies,” European Commission President Ursula von der Leyen said.
The EU move mirrors U.S. President Joe Biden's $52 billion push to invest in a national chip-producing sector to make sure more production occurs in the United States.
