EU joins chips race with a €42 billion bid to end its dependence on Asia

The EU wants to catch up with top-of-the-line chip producers in Taiwan, South Korea and the US. AFP/File

The European Union is setting itself up as a producer of semiconductors, or chips. In new legislation contained in the EU Chip Act, Brussels plans to raise tens of billions of euros to enable production in Europe and end the bloc's digital dependence on Asia.

The production of semiconductors has become a strategic priority in Europe as well as the United States after the pandemic resulted in supply shortages, brought factories to a standstill, and emptied stores of products.