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Boosting EU Technology Leadership With European Semiconductor Law

Renew Europe is convinced that the European law on semiconductors (Chips Act), adopted today in plenary session of the European Parliament meeting in Strasbourg, strengthens the competitiveness of European companies in digital technologies. This is a huge step forward towards strategic autonomy within the Union. 3.3 billion euros are allocated by the EU budget until 2027 to increase technological capacity and promote innovation in this field.

This legislation is intended as a model for creating a more favorable investment climate for European industries. This does not only apply to semiconductor producers. During the inter-institutional negotiations leading to the final legislative text, Renew Europe ensured that all actors involved, from research to product and design, benefited. This text also seeks to limit the administrative burden on European businesses, in particular on SMEs, which will benefit from additional incentives. Renew Europe has also succeeded in making the law relevant in the current geopolitical context, with an emphasis on international cooperation and the protection of intellectual property.

Bart GROOTHUIS (VVD/Netherlands), who represented Renew Europe in the negotiations, says:

“The Chips Act not only invests in the competitiveness of the European semiconductor industry, but also in its diplomacy. It does this by intensifying cooperation with strategic partners and protecting our rivals’ intellectual property and industrial interests. And this time at European level. This is how Europe becomes a useful actor in today’s geopolitical reality”.

This article is originally published on reneweuropegroup.eu

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