To strengthen the position of the European Union
The Spanish government on Tuesday announced a €12.3 billion investment plan that will transform the country into a major microchip producer and help reduce Spain’s and the European Union’s (EU) dependence on other suppliers.
The announcement was made in Madrid, where Prime Minister Pedro Sanchez was scheduled to meet technology executives at the World Economic Forum in Switzerland to explain the plan and push for further investment.
Speaking in Madrid, Deputy Prime Minister and Economy Minister Nadia Calvinho said the five-year plan aims to enable Spain to cover all areas of microchip development and production, which today are considered key to all areas of modern industry.
The global shortage of computer chips has made it harder for consumers to purchase cars, computers, and other essentials.
The project aims to bolster the EU’s weak position in microchip manufacturing, which Calvinho says accounts for about 10% of the world’s total.
