EU agrees plan to boost semiconductor industry

Europe moves to join chip race, eyes doubling global market share by 2030

The European Parliament and the European Union member states agreed on Tuesday on the European Chips Act to boost the bloc's semiconductor industry in a race with the United States and East Asia, which now dominate the global market.

The Swedish presidency of the EU Council said the deal is expected to create conditions for the development of an industrial base that can double the EU's global market share in semiconductors from the current 10 percent to at least 20 percent by 2030.

The Chips Act is expected to mobilize 43 billion euros ($47 billion) in public and private investments, including 3.3 billion euros from the EU budget.