Italy earmarks $4.4 billion to boost semiconductor industry

Italy earmarks $4.4 billion to boost semiconductor industry

Bloomberg: Italy will invest over 4 billion euros ($4.4 billion) to develop the domestic semiconductor industry, as it seeks to support companies transitioning to greener technologies.

Prime Minister Mario Draghi’s government approved a new fund which will allocate 150 million euros in 2022 and 500 million euros each of the following years until 2030 as part of a new decree law which goes into effect Wednesday.

The money will finance research and technology in the chip sector to promote strategic independence and could in particular benefit automotive companies looking to upgrade technology to produce more energy-efficient vehicles.