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The European Commission announced plans to strengthen its microchips industry and supply system. The member countries of the European Union have suffered from microchips shortage, which are used in the auto industry and consumer technology and are imported mostly from the USA and China.
The aim of the EU's Chip Act is to make the EU self-sufficient and competitive in this sector and to boost the EU's share in the global chips market to 20% by 2030.
Other countries, such as the USA, China, and Japan have enacted similar regulations in 2020 and significantly increased their investments in this sector.
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