Spain Will Invest €12,3 Billion To Develop The Microchip Industry

Following significant production delays, Europe wishes to establish its own microchip industry and Spain will be a significant focal point of this new agenda.

The Spanish government announced a 12.3 billion euro investment plan on Tuesday to transform the nation into a major manufacturer of microchips, reducing Spain’s and the European Union’s reliance on foreign suppliers.

The announcement in Madrid coincided with Prime Minister Pedro Sánchez’s meeting with executives of technical enterprises at the World Economic Forum conference in Davos, Switzerland, to outline the strategy and solicit further investment for the Spanish microchip industry.

Deputy Prime Minister and Economy Minister Nadia Calviño said in Madrid that the five-year plan aims to enable Spain to cover every area in the design and manufacture of microchips, which are increasingly considered critical to all aspects of modern industry.

A global computer chip scarcity has made it more difficult for customers to get automobiles, computers, and other modern-day essentials. The European Union has unveiled a €45 billion plan to become a major semiconductor maker, mimicking US President Joe Biden’s $52 billion effort to invest in a national chip-producing sector in order to increase local output.

She described the initiative as one of the most ambitious of the Spanish government’s efforts to restart the economy following the COVID-19 epidemic, and she predicted that it would have an impact on other industries.

The initiative aimed to improve the EU’s weak position in microchip production, which, according to Calviño, accounted for around 10% of global output. She stated that the country’s need to develop its own microchip industry stems from its reliance on a limited number of key producers from Taiwan, the United States, South Korea, Japan, and China.

“The war in Ukraine makes it a priority to enhance strategic autonomy in energy, technology, food production, and cyber security,” Calviño continued.

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