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Spain Plans to Invest $12.4 Billion in Chips, Semiconductors

  • Madrid steps up efforts to bolster economic recovery
  • Europe is trying to reduce its reliance on imported technology
Updated on

Spain plans to invest 11 billion euros ($12.4 billion) to develop microchips and semiconductors in a bid to modernize its tourism-dependent economy.

“We want our country to be at the vanguard of industrial and technological progress,” Prime Minister Pedro Sanchez said Monday in Madrid, without giving more details. He said the project will be approved soon by his cabinet.