“The European Union market is a very competitive market. We have a lot of skills, we have a lot of high technology, and don’t forget that the machinery used by the chips industry, they are made only in the European Union,” he continued.
Russia’s invasion of Ukraine has further spurred efforts to ensure reliable supply chains for strategically crucial goods, and the United States has pressured countries to restrict exports of key semiconductor technology to China, including the Netherlands where crucial chip manufacturing supplier ASML is located.
The Chips Act still requires approval from EU member states and in a European Parliament vote but the agreement suggests it should pass these hurdles.
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