The European Parliament and EU member states reached an agreement on Tuesday on a plan to expand Europe's semiconductor industry. The stated objective is to reach 20% of the world market in 2030, twice as much as today.
The EU will have to quadruple its production. The text plans to mobilise €43 billion of public and private investment in the development of production centres. Existing EU funds will be used, while EU state aid rules will be relaxed. The agreement "paves the way for a competitive chip industry," Commission President Ursula von der Leyen said.