The European Council Approves Chip Law to Reduce Dependency on Imports

The European Council Approves Chip Law to Reduce Dependency on Imports

The European Council has approved a regulation to strengthen the semiconductor ecosystem in Europe, known as the “Chip Law.”

According to a statement, the Chip Law aims to create conditions for developing a European industrial base in the semiconductor field, attracting investments, enhancing research and innovation, and preparing Europe for any future crisis in chip supplies.

Under the law, the program must mobilize 43 billion euros of public and private investments (3.3 billion euros from the European Union budget) with the goal of doubling the European Union’s share in the global semiconductor market from the current 10% to at least 20% by 2030.

With the new Chip Law, Europe will be at the forefront of the global semiconductor production race and reduce our dependence on imports.