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Spain to spend 11 billion euros on semi conductor, micro chip industry, PM says – Metro US

Spain to spend 11 billion euros on semi conductor, micro chip industry, PM says

Spanish PM Sanchez speaks during a session at Parliament in
Spanish PM Sanchez speaks during a session at Parliament in Madrid

MADRID (Reuters) – Spain will spend 11 billion euros on a plan to boost the semi conductor and micro chip industry, Prime Minister Pedro Sanchez said on Monday.

The new spending plan, mainly financed through European Union pandemic relief funds, will be approved ‘soon’, he said.

A worldwide shortage of micro chips, due to a unexpected peak of demand following the pandemic and supply chain bottlenecks, has forced manufacturers such as car makers to slow down output.

(Reporting by Emma Pinedo, editing by Inti Landauro)

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