European ministers give final approval for Chips Act

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The Council of the European Union has approved the Chips Act. This clears the way for the chip law to be introduced. With the law, the EU and member states commit to investing 43 billion euros in the European chip industry to increase its European market share.

The Council of the European Union, in which ministers of EU member states vote on EU laws, was the last EU body that still had to vote on the law. The European Parliament agreed two weeks earlier, the original proposal dates from early 2022. Now the presidents of Parliament and the Commission only have to sign the law before it can be published and enter into force.

With the European Chips Act, the EU wants to double its global market share in chip production to twenty percent. For example, EU countries must become less dependent on other regions, for example due to increasing geopolitical tensions. The Council also points to the chip shortages as a result of the corona crisis. Thanks to the Chips Act, new chip factories are already being built in the EU, such as an Intel chip factory in Germany.

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