Exclusive-EU likely to clinch deal on Chips Act on April 18 – sources

By Foo Yun Chee

On April 18, sources with direct knowledge of the matter said on Wednesday that EU countries and lawmakers are expected to finalize a deal on a multibillion-dollar plan for boosting the bloc’s semiconductor industry.

The Chips Act was announced by the European Commission last year in a bid to reduce the EU’s dependence on semiconductors from the US and Asia, following supply chain issues that impacted European businesses from car manufacturers to manufacturers in general.

The negotiation on funding details for the act will take place on April 18 in Strasbourg at the European Parliament’s monthly session, the sources said.

The people involved in discussions have so far focused on a €400 million ($438 million) shortfall, but the EU executive has been successful in securing the majority of the required funds.

According to sources, the scope of the project has been expanded beyond the Commission’s initial proposal, which focused solely on funding cutting-edge chip plants. EU governments and lawmakers have proposed incorporating the whole value chain, including older chips, research, and design facilities.

($1 = 0.9132 euros)

Reporting by Foo Yun Chee; Editing by Jan Harvey

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