American chip-making giant Intel said it planned to invest tens of billions of euros in the European Union, as the continent seeks to reduce its reliance on semiconductors from Asia.
The project to boost the entire production process, from the research of new technologies to the manufacturing and packaging of semiconductors, could total up to 80 billion euros ($87.9 billion) over the next decade, the group said in a statement.
The production of the key technology, also known as chips, has become a strategic priority in Europe as well as the United States, after the shock of the pandemic choked off supply, bringing factories to a standstill and emptying stores of products.
The details of the of the announcement were hotly anticipated in Europe, where governments have been jostling to host new production facilities as the continent seeks to reduce its dependence on Asian chip imports.
Earlier this year the EU passed the Chips Act, a 43-billion-euro plan to boost production on the continent of the component, used in everything from electric vehicles to wind turbines.
Speaking at the Intel launch event, European Commission President Ursula von der Leyen said the US group’s announcement was the "first major achievement" under the act.
