Chips Act: Council gives its final approval!

25 Jul 2023

After reaching a provisional political agreement with the European Parliament in April 2023,  the Council of the European Union gave its final approval to the Chips Act and the Chips JU today, 25 July 2023.

After being signed by the President of the European Parliament and the President of the Council in September, the Chips Act regulation will be published in the Official Journal of the European Union and will enter into force on the third day following its publication, together with the amendment of the Single Basic Act (SBA), to allow the establishment of the Chips Joint Undertaking, which builds upon and renames the existing Key Digital Technologies Joint Undertaking.

The Chips Act aims to create the conditions for the development of a European industrial base in the field of semiconductors, attract investment, promote research and innovation and prepare Europe for any future chip supply crisis. The programme should mobilise €43 billion in public and private investment (Chips for Europe Initiative will mobilise €3,3 billion coming from the EU budget), with the objective of doubling the EU’s global market share in semiconductors, from 10% now to at least 20% by 2030.

“With the Chips Act, Europe will be a frontrunner in the world semiconductors race. We can already see it in action: new production plants, new investments, new research projects. And in the long run, this will also contribute to the renaissance of our industry and the reduction of our foreign dependencies”, – comments Héctor Gómez Hernández, Spanish Minister for Industry, Trade and Tourism.

Read the press-release here.