The European Union approved the Chips Act. This document is designed to improve semiconductor manufacturing capabilities in EU member states, reports Engadget.

The act aims to use 43 billion euros ($47.5 billion) of investment to increase the share of chip production in the EU to 20% in 2030. Now this figure is 10%.

The EU Council also hopes it will “attract investment, promote research and innovation and prepare Europe for any future chip supply crisis.”

According to forecasts, by 2030 the semiconductor industry will be worth $1 trillion, and its leaders will be smartphones, servers, data centers and data storage systems.

By approving the Chips Act, the EU could partially eliminate its dependence on foreign companies such as China for semiconductor production.

“With the Chips Act, Europe will be a frontrunner in the world semiconductors race,” Héctor Gómez Hernández, Spanish Minister for Industry, Trade and Tourism, said about the development. “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.”

We will remind that the European Commission announced about the development of the Chips Act last year. The document was proposed after the US announced the adoption of the CHIPS act, aimed at reducing the dependence of manufacturers of high-tech products on China.