Britain revealed that it will contribute 35 million pounds to a 1.3 billion euro research and innovation fund, as well as take part in European Union initiatives to develop and produce advanced semiconductors in Europe.
Britain announced on Wednesday that it will be participating in European Union efforts to develop and produce sophisticated semiconductors in Europe in addition to committing 35 million pounds ($45 million) to an overall research and innovation fund of 1.3 billion euros ($1.4 billion).
Following the revelation of their epidemic dependence on multinational chipmakers and critical technologies held by Chinese and American firms, both the UK and the EU have endeavored to establish a domestic semiconductor supply chain.
Joining the European Chip Initiative, according to Britain, would enable British semiconductor companies to submit grant proposals for funding from the larger European fund.
Due to the widespread and growing use of semiconductors in common products, there is a global competition to provide subsidies in order to entice producers and advance technological advancements.
A set of proposals aimed at enhancing economic security and avoiding unapproved technology transfers to competitors like China was submitted by the European Commission in January.
A 43 billion euro subsidy program, like incentive packages in China, the US, Taiwan, South Korea, and Japan, was approved by the EU last year.
The semiconductor effort is managed under the Horizon Europe scientific program, a major EU funding program with a total budget of 95.5 billion euros. Last year, Britain rejoined the program.
The UK was initially barred from taking part in Horizon because of disagreements over trade regulations following Brexit.
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