VdL Proposes Major European Chip Manufacture Shift As China Links Strained

Speakingthe virtual Davos event for the World Economic Forum, European Commission President Ursula von der Leyen has stated her objective of having 20% of global chip and semiconductor manufacturing in the EU by 2030. Says that the EU 'cannot afford to be dependent on [imported] semiconductors'.

• VdL states that the Commission will propose a 'European Chips Act' in early February.
• Comes as concern in the West remains high regarding the long-term viability of having significant semiconductor manufacture based in Taiwan. Moreover, COVID and the increasing divergence between US and Chinese-oriented economic structures have exposed the risk of lengthy and complex supply chains. For products as crucial as microchips and semiconductors many nations and blocs looking to bring production in-house in years ahead.