Sources say that the European Union is expected to reach an agreement on the chip bill on April 18.

CTOnews.com April 5 news, Reuters quoted insiders as saying that the European Union may reach an agreement on the EU "chip bill" on April 18.

The source with "direct knowledge" said EU member states and the European Parliament were likely to reach agreement on a multibillion-euro plan on April 18 to boost the EU's chip industry.

Pixabay the European Commission announced a "chip bill" last year in an attempt to reduce the EU's dependence on US and Asian supplies after global supply chain problems led to chip shortages among European companies.

In February last year, the EU issued a preliminary draft of the Chip Bill, finalizing the target of quadrupling production capacity in eight years, and plans to invest 43 billion euros (CTOnews.com Note: about 323.36 billion yuan) in a new generation of chip factories to increase the EU's share of global chip production.

The goal of the EU Chip Act is to increase the EU's chip production capacity from 10 per cent of the world's currently to 20 per cent by 2030.