European Union member states gave final approval Tuesday to the bloc's master plan to expand semiconductor production, clearing the path for its massive effort to slash reliance on Asia for computer chips vital for everything from washing machines to cars.
The European Council's ministers signed off on the EU's Chips Act, which will channel 43 billion euros ($47 billion) in public and private funds and allow state aid for the continent's semiconductor industry. EU leaders want to use the cash to kick-start massive investments for new chipmaking facilities, doubling the 27-nation bloc's share of global semiconductor production to 20% by 2030.
