European Union sanctions $8.7 billion for tech innovation projects 

The European Union has approved $8.7 billion, or 8.1 billion euros of state aid, for the innovation of cutting-edge tech products. These include microelectronics and communications technology projects, Reuters reported. In this announcement, the EU has clarified that 14 of its member countries will provide this aid to major tech players like Airbus, Ericsson and ASML for 68 projects. Commission Vice President Margrethe Vestager said in a statement, “We need to be pioneers. We need to develop truly innovative solutions and of course their first industrial deployments in Europe.”  

These projects are being helmed by a total of 56 organisations and primarily focused on research and development of chip design, manufacturing processes, materials and tools. The long-term aim behind this initiative by European Union is to bring about Europe’s progress in artificial intelligence, quantum computing, 5G and 6G technology, as well as autonomous driving. This project is expected to be completed by 2032, with the initial results likely to be announced as early as 2025. European Union industry chief Thierry Breton has added that another big objective behind this aid is to boost the continent’s supply chains.