Europe wants to become less dependent on Asia for electronic components. Austria could also invest billions.
The little things commonly referred to as chips are a global factor for many industries. They are essential for renewable energy, electronic components in the automotive industry and any type of automation. But aside from niches, Asia dominates in manufacturing. This is causing great concern in the EU.
Europe is struggling to reduce dependence on China and East Asia. The goal of increasing semiconductor production on our continent from the current level of just under ten to 20 percent by 2030 can only be achieved at a huge financial cost. “This is also a funding race,” explained AT&S CEO Andreas Gerstenmayer. In Austria, high-tech companies are investing in the high-single-digit billions, confirms Susanne Herlitschka (Infineon).
Also read the comments of “Krone” business expert Manfred Schumi:
First of all, there is a fight at EU level about the “European Chips Act”. The current funding volume of EUR 43 billion needs to be significantly increased. Herlitschka: “To achieve the target of 20 percent of the world market share for semiconductors, you would have to invest 500 billion euros. That in turn requires 200 billion euros in financing.” This should all be co-financed nationally.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
