Spain to spend 11 b. euros on semi conductor, micro chip industry

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 microchips, due to an unexpected peak of demand following the pandemic and supply chain bottlenecks, has forced manufacturers such as carmakers to slow down output.