The UK government will unveil a plan on Friday to invest £1 billion ($1.15 billion) in the semiconductor industry over the next ten years. The goal is to stimulate the growth of the sector in the United Kingdom, reduce supply chain risks, and protect national security.
An investment of up to £200 million ($230 million) is planned for 2023-2025 to boost research and development and facilitate international collaboration.
Prime Minister Rishi Sunak emphasized how the UK can strengthen its “competitive position on the world stage” through these investments. The strategy aims to create jobs, bolster the economy, and “stay at the forefront of the latest technological advancements.”
Semiconductors are essential in various industries, particularly for green technologies, but they are also used in smartphones, game consoles, automobiles, and military equipment.
In recent years, tensions have escalated in the strategic sector, with a fierce competition between China and the United States.
Last month, the European Union reached an agreement on a plan to increase chip production in Europe and reduce dependence on Asia.
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