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EU Approves $44 Billion Semiconductor Production Plan to Reduce Dependence on US & Asia

November 24, 2022 By Jozeph P

(Image Credit Google)

The countries of the European Union concurred on a $44 billion (€43 billion) plan to support the bloc's domestic semiconductor industry. About 27 countries will lessen their reliance on American and Asian manufacturing as a result of this. This approach will be discussed with the European Parliament at a meeting in December before becoming law. The European Union has decided to move forward with its plan to boost its own semiconductor production, allocating $44 billion (€43 billion) in funds for the initiative. The individual ambassadors all agreed to back the European Commission's proposal, according to a report. By doing this, the bloc will be less dependent on nations like the United States and China for chip manufacturing. This is furthered by the increase of its purview with respect to chip factories and its caliber for governmental aid that safeguards the bloc in the event of an emergency and occurs in supply chains. Semiconductor Production

European Union ministers are scheduled to meet on December 1 to discuss this issue and approve the chip plan in order for this plan to be implemented. Prior to becoming a law, this will still need to be discussed by the European Parliament the next year. This idea was born out of the global chip scarcity that impacted telecom companies, automakers, and healthcare organizations. The research claims that because they often have larger operations, countries like Germany, which is regarded as huge in the business, will only gain from this money. New semiconductor manufacturing sites have already been announced by a number of companies to begin production, even though this plan is still undergoing finalization and won't be ready to launch until next year. These companies include Infineon Technologies AG, STMicroelectronics NV, GlobalFoundries Inc., and Intel Corp. This could be the rationale behind the European Union's unanimous approval, as Taiwanese semiconductor manufacturers stand to gain the most from the conflict.

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.

EU Approves $44 Billion Semiconductor Production Plan to Reduce Dependence on US & Asia

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