The European Union's master plan to increase semiconductor production received final approval from its member states on Tuesday, paving the way for a mammoth drive to reduce the bloc's reliance on Asia for computer chips necessary for everything from washing machines to autos. The EU's Chips Act, which will channel $47 billion (43 billion euros) in public and private funding and permit state help for the continent's semiconductor industry, was approved by the ministers of the European Council.

 

By raising the 27-nation bloc's share of global semiconductor production to 20% by 2030, EU leaders hope to utilize the money to launch significant investments in new chip manufacturing sites. The final approval of the European Union's master plan to increase semiconductor output has cleared the way for the bloc's enormous attempt to reduce its reliance on Asia for computer chips necessary for everything from washing machines to autos.

 

The EU's Chips Act, which will channel $47 billion (43 billion euros) in public and private funding and permit state help for the continent's semiconductor industry, was approved by the ministers of the European Council.

 

By raising the 27-nation bloc's share of global semiconductor production to 20% by 2030, EU leaders hope to utilize the money to launch significant investments in new chip manufacturing sites.