INFORMATION TECHNOLOGY
EU Parliament sign off the Chips Act.
The bill has two main objectives. First off, to attract investments in research, innovation, and chip development. Second, to increase production sites within the bloc’s borders and strengthen domestic manufacturing capacity.
Overall, the Chips Act aims to mobilise €43bn in public and private investments, and bring the EU’s share in global production capacity from 10% to 20% by 2030.
Some measures include fast-tracking permitting procedures, supporting SMEs in the sector, and creating a network of competence centres to address the union’s skills shortage and attract new talent.
Another important component is the implementation of a crisis response mechanism to address supply problems. This will allow the Commission to take emergency measures such as prioritising the supply of products particularly affected by a shortage, or carrying out common purchasing for member states.
During the talks, MEPs also secured €3.3bn for chip research and innovation and backed provisions to bolster international cooperation with strategic partners.
The act is now pending the Council’s endorsement to become law. But its approval by the Parliament represents the bloc’s first response in what’s seen as an escalating chip war between the EU, the US, and China.
Overall, the Chips Act aims to mobilise €43bn in public and private investments, and bring the EU’s share in global production capacity from 10% to 20% by 2030.
Some measures include fast-tracking permitting procedures, supporting SMEs in the sector, and creating a network of competence centres to address the union’s skills shortage and attract new talent.
Another important component is the implementation of a crisis response mechanism to address supply problems. This will allow the Commission to take emergency measures such as prioritising the supply of products particularly affected by a shortage, or carrying out common purchasing for member states.
During the talks, MEPs also secured €3.3bn for chip research and innovation and backed provisions to bolster international cooperation with strategic partners.
The act is now pending the Council’s endorsement to become law. But its approval by the Parliament represents the bloc’s first response in what’s seen as an escalating chip war between the EU, the US, and China.
