Spain to invest $13 billion to build microchip industry

MADRID (AP) — The Spanish government has announced a $13.2 billion investment plan to convert the country into a major producer of microchips and help reduce the dependence of Spain and the European Union on other suppliers. The announcement Tuesday in Madrid came as Prime Minister Pedro Sánchez meets with leaders of technological firms at the World Economic Forum meeting in Davos to explain the plan and seek further investment. Speaking in Madrid, the deputy prime minister and economy minister, said the plan is directed at boosting the EU’s weak position in microchip production. She says it represented some 10% of the world total, leading to dependence on a small number of major producers like Taiwan, the U.S. and China.