Spain to spend 11 billion euros on semiconductor and microchip industry, prime minister says

Spanish Prime Minister Pedro Sanchez speaks during a session at Parliament in Madrid, Spain, March 30, 2022. REUTERS/Susana Vera

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MADRID, April 4 (Reuters) — Spain will spend 11 billion euros on a plan to boost the semiconductor and microchip 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.

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Reporting by Emma Pinedo, editing by Inti Landauro

Our Standards: The Thomson Reuters Trust Principles.

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