EU Chips Act: Council gives its final approval

The Council has  approved the regulation to strengthen Europe’s semiconductor ecosystem, better known as the ‘Chips Act’. This is the last step in the decision-making procedure.

The Chips Act aims to create the conditions for the development of a European industrial base in the field of semiconductors, attract investment, promote research and innovation and prepare Europe for any future chip supply crisis. The programme should mobilise €43 billion in public and private investment (€3.3 billion from the EU budget), with the objective of doubling the EU’s global market share in semiconductors, from 10% now to at least 20% by 2030.

Héctor Gómez Hernández, Spanish Minister for Industry, Trade and Tourism

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

Next steps

Following the Council’s approval  of the European Parliament’s position, the legislative act has been adopted.

After being signed by the President of the European Parliament and the President of the Council, the regulation will be published in the Official Journal of the European Union and will enter into force on the third day following its publication.

The Council has also passed an amendment to the regulation establishing the joint undertakings under Horizon Europe, to allow the establishment of the chips joint undertaking, which builds upon and renames the existing key digital technologies joint undertaking. The amendment was approved by the Council following consultation with the Parliament. Both texts will be published in the Official Journal at the same time.