- Europe’s share of the 440-billion-euro ($533 billion) global semiconductor market is around 10 per cent
- The 13 countries said they would work together to bolster Europe’s electronics and embedded systems value chain
As per a report by Reuters, Germany, France, Spain and ten other EU countries have joined forces to invest in processors and semiconductor technologies, key to internet-connected devices and data processing, in an effort to match up with the United States and Asia. The report added that Europe’s share of the 440-billion-euro ($533 billion) global semiconductor market is around 10 per cent. It makes EU to rely on chips made abroad.
The report added that dependence on foreign chips and other products has come under focus during the COVID-19 pandemic. Security concerns regarding some foreign governments have also added to worries about relying on foreign chips used in cars, medical equipment, mobile phones and networks and for environmental monitoring.
Important Project of Common European Interest
As per the report, the Union earlier this year agreed to allocate 145 billion euros for digital projects. The 13 countries said they would work together to bolster Europe’s electronics and embedded systems value chain.
As per the report, they said in a joint statement that this will require a collective effort to pool investment and to coordinate actions, by both public and private stakeholders. The group will reach out to companies to form industrial alliances for research and investment into designing and making processors and look into funding for such projects.
The report said that it will also come up with a European-wide scheme known as an Important Project of Common European Interest which allows for funding under looser EU state aid rules. The group will seek to set up common standards and certification for electronics. The signatories include Belgium, Croatia, Estonia, Finland, Greece, Italy, Malta, the Netherlands, Portugal and Slovenia.
As per the report, EU digital chief Thierry Breton said in a statement that a collective approach can help us leverage our existing strengths and embrace new opportunities as advanced processor chips play an ever more important role for Europe’s industrial strategy and digital sovereignty.