France is investing €2.9 billion in the construction of a STMicroelectronics microchip factory

The French government is investing €2.9 billion (about $3.1 billion) in the construction of a microchip factory by STMicroelectronics and GlobalFoundries. This is reported by France24.

Both the US and the EU, as part of countering China’s global dominance of the microelectronics market, protecting supply chains and their own manufacturers, introduced the so-called Chips Acts. As part of these plans, the US is directing $52 billion, the EU – €42 billion, to support the domestic production of microcircuits.

The microchip factory by STMicroelectronics and GlobalFoundries, to be built in the picturesque town of Crolles in the foothills of the Alps, and the cost of which is estimated at €7.5 billion, should increase the share of European chips in the global market by 6% in 2028.

Currently, the share of the EU in the global production of semiconductors is estimated at 10%. According to the European Chips Act by 2030 it should reach 20%.