The European Parliament passed the Chip Act, with 587 votes in favor, 10 votes against, and 38 abstentions. Chip | EU | European Parliament
The European Parliament passed the Chip Act on the 11th. The bill requires that by 2030, the EU's share of global chip production should be increased from the current 10% to 20% to meet its own and global market demand.
The press release released by the European Parliament on that day stated that the bill was passed with 587 votes in favor, 10 votes against, and 38 abstentions. The bill will support projects that can improve EU supply security by attracting investment and building production capacity. In addition to investing 3.3 billion euros in research and innovation related to chips, the EU will also create a network of capability centers to address the EU's skill shortage and attract new research, design, and production talents. In addition, a crisis response mechanism will be established to assess the risks faced by the EU semiconductor supply.
The communique stated that the new law aims to quickly track the licensing process and highly recognize its crucial importance, in order to create a favorable environment for European chip investment. To promote innovation, especially in the field of chip design, small and medium-sized enterprises will benefit from more support. The European Parliament and the European Council have reached an agreement on this bill, but it still needs to be formally approved by the European Council before it can take effect.