EU Chips Act proves milestone for Europe: European Commission

EU Chips Acts is a milestone for Europe as with the help of the Act, the continent could achieve the Digital Decade target of 2030, which includes the empowerment of businesses and people in a human-centred and the enhancement of sustainable growth in the digital future, as per the European Commission. 

On Tuesday, February 8, 2022, while promoting Chip Act formed by the European Union, European Commission, through its Twitter post cited,” The EU Chips Act will help us achieve the 2030 Digital Decade target – empowering businesses and people in a human-centred, sustainable and more prosperous digital future”. 

EU Chip Act was proposed by the European Commission on February 8, 2022, including a comprehensive set of measures that would provide the security of supply, resilience and technological leadership to the European Union. Moreover, the European Chips Act will boost the competitiveness resilience and offers the digital and green transition to Europe. 

While specifying the benefits of the Eu Chips Act for Europe, EC commented,” These new measures will make Europe a major global player in the semiconductors ecosystem”. 

EC also stated that the Chip Act is a milestone for Europe as it benefits the industry, economy and society of the continent and boosts it at a very high pace. 

The shortage of the chip across the globe would hit out every person in everyday life as semiconductors in everything from smartphones to cars and domestic appliances and plays a significant role to boost the industrial chain, asserted EC. 

By emphasising the benefits of the Act, the commission pointed out,” The Act would lead to the skilled jobs and new markets for our companies geopolitical independence for Europe diverse and resilient supply chain for the world”. 

After recognising the main components of the EU Chips Act, EC underlined that: 

• the Chips boost new Europe Initiative
• provides a new framework to ensure the security of supply
• offers coordination mechanism at the EU level
• enable joint crisis assessment and coordinated responses

EC also considers the factors of not having a chip and underscored that No chips mean there is no digital. Microchips are everywhere – from smartphones to electric scooters to factories and noted,” Our EU Chips Act will bring together our research, design & testing capacities to create a state-of-the-art chip ecosystem“. 

By sharing the advantages of the Chips Act to the economy of Europe, EC claimed that by 2030 and highlighted,” we would double our current market share of chips to 20%. Together with EU countries, we will mobilize more than €43 billion of public and private investments to prepare, anticipate, and swiftly respond to the current and future supply chains disruptions”. 

 So, the European Chips Act proposes a set of measures to drive microchip production and fight the ongoing shortages. It will strengthen Europe’s technological leadership and help achieve the digital and green transitions. Hence, the cHips Act is a great milestone for Europe, claimed by European Commission. 

Moreover, the President of EC Leyen also commented,” The EUChipsAct is a plan to make Europe a leader in the chips market. We have a very clear target: by 2030, 20% of the world’s microchips should be produced in Europe”