Europe’s strategy to boost its computer chip industry and compete with Asia gets final approval

LONDON (AP) — European Union member states have given final approval for the bloc’s master plan to expand semiconductor production. That clears the path for the EU’s massive effort to slash reliance on Asia for computer chips vital for everything from washing machines to cars. The European Council’s ministers signed off on the EU’s Chips Act, which will channel $47 billion in public and private funds and allow state aid for the continent’s semiconductor industry. EU leaders want to use the cash to kick-start massive investments for new chipmaking facilities, doubling the 27-nation bloc’s share of global semiconductor production to 20% by 2030.