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European Commission Approves 8.1 Billion Euros as State Aid for Technology Initiatives

CIO Insider Team | Friday, 9 June, 2023
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In an effort to keep up with technological advancement, the European Commission has approved 8.1 billion euros ($8.7 billion) in state aid for microelectronics and communication technology initiatives.

There are 68 projects comprising organizations like Airbus, ASML, Ericsson, GlobalFoundries, Orange, Analog Devices, Continental Automotive, Bosch, Renault, NXP, STMicroelectronics, Wacker Chemie, and Infineon which are expected to receive the funding.

These initiatives have all been recognized as Important Projects of Common European Interest (IPCEI), making them eligible under streamlined EU state aid regulations.

In addition to researching and developing materials and tools for chip design and manufacturing processes, they also concentrate on developing autonomous driving, artificial intelligence (AI), quantum computing, and 6G and 5G telecommunications technologies.

This action by the European Union shows its continuous dedication to advancing technology through joint efforts of its members while also generating employment possibilities in this industry.

While the To Complete the Picture project is anticipated to be complete by 2032, the first unique goods may debut as early as 2025. The Commission anticipates that these initiatives will bring in an additional 13.7 billion euros in private capital.

According to EU Industry Commissioner Thierry Breton, these projects will help launch next-generation AI chips for electric vehicles as well as hasten the establishment of a European supply chain for parts used in radar and space applications.

Austria, Czech Republic, Finland are nations that provide state aid. Germany, France, Grecian, Irish, Italian, Maltese, Dutch, Romania, Slovakia, Spain and Polish. Which is able to recover some of the public aid from successful projects?.

They can claw back part of the state aid from projects that are very successful.

This action by the European Union shows its continuous dedication to advancing technology through joint efforts of its members while also generating employment possibilities in this industry. It will make it possible for Europe to maintain its competitiveness in a quickly changing, innovation-driven economy.

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