The EU has finalized a temporary agreement for the "Chip Act" to account for 20% of global chip production by 2030

On Tuesday (April 18th) local time, EU Internal Market Commissioner Thierry Brighton stated that the EU has finalized a temporary agreement on the Chip Act.

Breton said at a press conference that the European Commission, EU member states, and the European Parliament have been negotiating the final details of the Chip Act since the morning of the 18th, and the agreement is now being finalized.

According to a press release published on the official website of the European Council, the plan will cost 43 billion euros (approximately 47 billion US dollars), of which 3.3 billion euros will come from the EU budget. The plan aims to increase the EU's chip production capacity from 10% of the global market to 20% by 2030, catching up with the development level of the United States and Asia.

The press release states that the European Commission has proposed three main action lines or pillars: 1、providing support for large-scale technological capacity construction; 2、 Establish a framework to ensure the security of supply and ensure investment flexibility; 3、 Establish crisis monitoring and emergency response mechanisms.