European Union allocates billions of dollars to chip production

The European Union, which wants to start an initiative with domestic and foreign manufacturers, aims to increase the continent’s market share to over 20 percent within 10 years.

The fact that the chip crisis has deeply affected many sectors has also mobilized states. In order to improve the current situation of leading Taiwan, billions of dollars are invested as well as the US and the EU are focusing on new initiatives. 

Billions of dollars on the table

It laid the foundations for an enormous program of $ 10 billion per project to stimulate US chip production in recent weeks . The European Union has also pressed the button to create an alternative chip union.

This union, which will consist of industry giants such as STMicroelectronics, NXP, Infineon and ASML, which operate on the continent , plans to increase its market share to 20 percent in 2030. Billions of dollars of budgets may come to the fore for the Union. It is stated that the project is still in the negotiation phase. 

EU officials do not want an ecosystem consisting of foreign producers only. Instead, it is considering partnerships that will be a mixture of domestic and foreign producers. GlobalFoundries, owner of the largest casting facility on the continent, announced its support for the initiative. EU commissioner Thierry Barton is also in talks with Intel and TSMC to set up a casting facility on the continent. 

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