17 Jul, 2023

European Chips Act strengthens EU technological leadership

On 11 July, the European Parliament adopted the European Chips Act. Renew Europe is convinced the new law will bolster European companies’ competitiveness in semiconductor technologies. 

The Chips Act represents a huge leap forward towards strategic digital autonomy within the EU, as €3.3 billion is allotted from the EU budget for the period until 2027 to increase technological capacity and promote innovation within the field. 

The new law is a blueprint for creating a more favourable investment climate for European industries, as it does not just apply to chip producers. 

During the interinstitutional negotiations leading up to the final legislative text, Renew Europe made sure that all relevant players would benefit, from equipment to design and research. It also secured the minimisation of administrative burdens for European enterprises, especially SMEs who will also receive additional incentives.  

The Group also managed to make the Act relevant in the current geopolitical context, emphasising international cooperation and the protection of intellectual property.

Renew Europe’s lead negotiator Bart Groothuis MEP (VVD, NL) said:

"The Chips Act does not just invest in the competitiveness of the European semiconductor industry, but also its diplomacy. It does so by intensifying cooperation with strategic partners and protecting intellectual property and industrial interests from our rivals. And this time at a European level. This is how Europe becomes a relevant player in today's geopolitical reality."

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