The Council of the European Union approved the EU Chips Act July 25, creating a program to invest €43 billion ($47.43 billion) in the EU’s semiconductor sector to double the continent's share of the global semiconductor market from 10% currently to at least 20% by 2030.

Next, the rule needs to be signed by the President of the European Parliament and the President of the Council. From there, the regulation will be published in the Official Journal of the European Union and enter into force three days after the journal’s publication.

An amendment to the regulation was also passed establishing joint chip ventures under the Horizon Europe plan which provides €95.5 billion in funding for research and development across numerous scientific industries in the EU until 2027. The amendment was also approved by the Council of the European Union July 25 and will be published in the Official Journal of the European Union at the same time as the Chips Act.

“With the Chips Act, Europe will be a frontrunner in the world semiconductors race,” said Héctor Gómez Hernández, the Spanish Minister for Industry, Trade and Tourism. “We can already see it in action: new production plants, new investments, new research projects. And in the long run, this will also contribute to the renaissance of our industry and the reduction of our foreign dependencies.”