The EU chip law will be implemented through a public-private partnership called the European Chip Initiative (ECI). ECI will bring together industry leaders, research institutions and governments to work towards the common goal of strengthening the semiconductor industry in Europe
The European Union, following the USA, will implement a financial support program in the amount of 43 billion euros that will encourage the development of the chip industry in Europe and reduce the dependence of European manufacturers on China and the United States. This is reported by the Reuters news agency.
The funding will be used to support research and innovation in the semiconductor industry, as well as to build new manufacturing facilities and upgrade existing ones. The initiative is expected to create thousands of new jobs in Europe and increase the region’s competitiveness in the global semiconductor market.
Last year, the European Commission announced the chip law, which will reduce the EU’s dependence on American and Asian semiconductors, which came to light after problems in the global chip supply chain hit many European businesses, especially car makers and home appliance makers. The law was proposed in response to the global shortage of chips that affected various industries, including automotive and electronics. The shortage highlighted Europe’s need to reduce its dependence on imported chips and develop its own semiconductor industry. The EU chip law will be implemented through a public-private partnership called the European Chip Initiative (ECI). ECI will bring together industry leaders, research institutions and governments to work towards the common goal of strengthening the semiconductor industry in Europe. The partnership will focus on the development of technologies such as 5G, artificial intelligence and the Internet of Things, which drive the demand for advanced semiconductors.
The EU chip law is also part of the wider European strategy for digital sovereignty, which aims to increase Europe’s self-reliance in digital technologies. The strategy includes initiatives such as the Digital Single Market, which aims to harmonize digital regulation across Europe, and the European Cloud Initiative, which aims to develop a secure and reliable cloud infrastructure in Europe.
The EU’s chip law has been welcomed by industry leaders and policy makers in Europe. The initiative is seen as a crucial step towards reducing Europe’s dependence on imported chips and building a stronger semiconductor industry in the region. The law is also expected to have positive effects on other industries, such as automotive and electronics, which rely heavily on semiconductors.