SEMI Europe recommends the EU incentivize investments in chip equipment and design firms to bolster security and compete with U.S. and Asian rivals. The EU Commission is revising the 2023 Chips Act to attract 43 billion euros in investment, following similar initiatives from countries like the U.S. and China.

Pressure from national governments prompts the EU Commission to review the Chips Act ahead of schedule and propose significant revisions. SEMI advocates for pragmatic reforms focusing on supporting European supply chains and existing strengths, rather than advanced manufacturing like previous failed attempts to attract Intel to Germany.

SEMI suggests easing state aid criteria and designating a single point of contact for project approvals to speed up the process. A Dutch-led coalition calls for prioritizing the semiconductor sector as a strategic industry, with potential investment tax breaks and a budget increase to 20 billion euros for chip projects in the EU.

Read more at Yahoo Finance: Industry urges pragmatic EU Chips Act 2.0 to close gap with US and China