European Union announced a USD 48 billion plan, in a bid to become a major semiconductor producer.The Chip production plan seeks to curb its dependency on Asian markets for component powering everything from game consoles to cars hospital ventilators.The European Union is boosting its economic independence in semiconductor sector with its Chips Act, at a time when natural gas shortages and Europe’s reliance on Russia for energy is at the political risks of economic dependency.Move of European Union is similar to U.S. President Joe Biden’s USD 52 billion investment in national chip-producing sector for ensuring more production in the United States.
Significance of the Chip plan
Europe’s Chips Act
EU market share of semiconductor
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