The European Commission will propose the European Chips Act early next month, president Ursula von der Leyen said at the opening of the World Economic Forum. In a bid to double Europe’s market share in global semiconductor manufacturing as well as shoring up the continent’s security of chip supply, the act aims to strengthen R&D and adapt state-aid rules to support local design efforts and construction of manufacturing facilities.
“Europe will always work to keep global markets open and connected. It is in the world’s interest, and in our own. But we do need to tackle the bottlenecks that slow down our own growth. This will help us become a strong player, not just in some niches, but throughout the whole value chain. We will promote diversification among like-minded partners. We will create more balanced interdependencies. And we will build supply chains we can trust by avoiding single points of failure,” Von der Leyen said.