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May 25, 2022 01:25 am

Spain To Invest $13 Billion To Build Microchip Industry

The Spanish government on Tuesday announced plans to invest $13.2 billion to build microchips in the country and "help reduce the dependence of Span and the European Union on other suppliers," reports the Associated Press. From the report: Speaking in Madrid, Deputy Prime Minister and Economy Minister Nadia Calvino said the five-year plan is aimed at enabling Spain to cover every area in the design and production of microchips, which are now considered key to all areas of modern industry. She said the plan was among the most ambitious of the Spanish government's projects to reboot the economy after the COVID-19 pandemic and that it would have an effect on other sectors. The project was directed at boosting the EU's weak position in microchip production, which Calvino said represented some 10% of the world total. She said this led to a great dependence on a small number of major producers such as Taiwan, the United States, South Korea, Japan and China. Calvino added that "the war in Ukraine makes it a priority to reinforce strategic autonomy in energy, technology, food production as well as cyber security."

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