The European Union has completed the development of a program worth 43 billion euros to support domestic semiconductor production, writes The Register with reference to the statement of the European Commission.

The institution reported reaching preliminary agreements on the terms of the Chips Act. It aims to double the EU’s market share in semiconductor development, manufacturing and supply chains from 10% to 20% by the end of the decade.

“The new rules represent a real revolution for Europe in the key sector of semiconductors. A swift implementation of today’s agreement will transform our dependency into market leadership; our vulnerability into sovereignty; our expenditure into investment,” stated Ebba Busch, Swedish minister for energy, business, and industry.

The European Commission plans to use three tactics to achieve its goals. One of them is the Chips for Europe initiative. It provides funding to support the large-scale expansion of semiconductor manufacturing capacity in the EU. The other two initiatives will focus on the security of supply chains, particularly regarding the region’s dependence on foreign factories.

“Currently, Europe is too dependent on chips produced abroad, which became more evident during the COVID crisis,” the European Commission said in a statement.

As you know, the European Commission announced the development of the Chips Act last year. The document was proposed after the US announced the adoption of the CHIPS law, aimed at reducing the dependence of manufacturers of high-tech products on China.