The European Chips Act is poised to attract more than €100 billion ($108.41 billion) in private investment to the European semiconductor industry by 2030, according to Thomas Skordas, an official from the European Commission.
Skordas made this announcement during a conference in Antwerp focused on the future of the initiative, which aims to bolster Europe’s position in the global semiconductor market.
The European Chips Act, Europe’s strategic response to similar initiatives in the United States, Japan, and China, has already generated significant interest and commitments, Skordas said. “We have received promises for investments of the order of €100 billion to expand the manufacturing capacity within the EU by 2030,” highlighting the Act’s potential to transform the European semiconductor landscape, reported Reuters.
Related: European Union Agrees On Chips State Aid Plan
Although the Act promises funding of €43 billion, implementation relies heavily on contributions from individual governments, with the European Commission having approved limited actual funding. Despite this, industry players such as Intel and TSMC have committed to building new manufacturing plants in Germany, representing investments exceeding €30 billion this year.
Skordas, who works within the Commission’s digital unit, also revealed plans to finalize funding for research and development pilot lines in four sub-sectors of the chip industry by September. This includes a substantial €2.5 billion grant aimed at developing extremely advanced chips in Europe.
Source: Reuters
Featured News
India’s Food Delivery Giants Face Antitrust Allegations over Market Dominance
Nov 10, 2024 by
CPI
Judge Denies NASCAR Teams’ Injunction Request in Antitrust Case
Nov 10, 2024 by
CPI
Japan’s Nippon Steel Eyes Year-End Close on $15B US Steel Deal Amid Political Uncertainty
Nov 7, 2024 by
CPI
Canada Orders Dissolution of TikTok’s Business Amid National Security Concerns
Nov 7, 2024 by
CPI
India Raids Amazon, Flipkart Seller Offices in Foreign Investment Probe
Nov 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Remedies Revisited
Oct 30, 2024 by
CPI
Fixing the Fix: Updating Policy on Merger Remedies
Oct 30, 2024 by
CPI
Methodology Matters: The 2017 FTC Remedies Study
Oct 30, 2024 by
CPI
U.S. v. AT&T: Five Lessons for Vertical Merger Enforcement
Oct 30, 2024 by
CPI
The Search for Antitrust Remedies in Tech Leads Beyond Antitrust
Oct 30, 2024 by
CPI