The European Parliament passed the "Chip Act" on the 11th. The bill requires that by 2030, the EU's share of chip production in the world should increase from the current 10% to 20% to meet its own and world market needs.
The press release issued by the European Parliament on the same day stated that the bill was passed by 587 votes in favor, 10 against and 38 abstentions. The bill will support projects that increase EU security of supply by attracting investment and building capacity. In addition to investing a budget of 3.3 billion euros in chip-related research and innovation, the EU will also create a network of competence centers to address the EU's skills shortage and attract new research, design and production talents. In addition, a crisis response mechanism will be established to assess risks to EU semiconductor supplies.
The communiqué stated that the new bill aims to fast-track the licensing process and highly recognize its vital importance in order to create a favorable environment for European chip investment.
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