EU member states reached a provisional agreement on Tuesday for a €43 billion plan to bolster domestic production of semiconductor chips — essential components in everything from phones to cars and refrigerators. The EU Chips Act, proposed by the Commission in February of last year, looks to double the bloc’s global market share in semiconductors from 10% to 20% by 2030. The act also seeks to build resilience in Europe’s semiconductor supply chain, which is highly dependent on a limited number of foreign suppliers. “Chips are essential for all our digital and digitised products,” said Margrethe Vestager Executive Vice-President for…
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