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UK to Invest Up to $1.2Bln in Semiconductor Industry Over 20 Years

© Sputnik / Alexei Kudenko / Go to the mediabankMicrochip
Microchip - Sputnik International, 1920, 19.05.2023
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MOSCOW (Sputnik) - The United Kingdom pledged up to 1 billion pounds ($1.2 billion) in funding on Friday for national chipmakers, to be rolled out over the next two decades in a bid to secure a place in the growing semiconductor market.
"The National Semiconductor Strategy sets out how up to £1 billion of government investment will boost the UK’s strengths and skills in design, R&D and compound semiconductors, while helping to grow domestic chip firms across the UK," the statement read.
Financial support will be delivered in installments of 200 million pounds over the years 2023-2025, followed by a billion pounds in the next decade. This money will make it easier for British firms to access prototyping, tools and business support.
The global market of semiconductors, used in virtually every piece of modern technology, is expected to grow to $1 trillion by 2030. A trillion semiconductors are produced globally every year, with China’s Taiwan, South Korea and Japan making up the top three producers.
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