SPAIN'S president Pedro Sánchez has announced a €11 billion investment in manufacturing microchips and semi-conductors in a bid to reactivate the motor manufacturing sector.
According to industry sources, the global microchip crisis has delayed the production of over half a million new cars in Spain, a situation affecting various makes and models.
A shortage of microchips - shown here - has slowed down the global motor manufacturing industry (photo: Coches.net)
These are also a 'basic element in all energy sectors', Sánchez explained when opening this week's 'Wake Up, Spain' forum organised by daily newspaper El Español.
“Microchips take on a geo-strategic significance at worldwide level as part of the digital and technological revolution,” the nation's leader recalled.
“And Spain is not going to lose the race when it comes to advanced technology.”
Known as a 'Strategic Economic Transformation and Recovery Project' (PERTE), the microchip and semi-conductor manufacturing plan will 'put the country at the cutting edge of industrial and technological progress', Sánchez said on his Twitter site, @sanchezcastejon.
Semi-conductors are tiny elements needed for most modern-day devices, not least mobile phones, and a global shortage is holding up manufacturing and retail of goods which, nowadays, are essential for business, personal communication, transport and energy.
The most recent report from the World Semi-conductor Trade Sector (WSTS) reveals a turnover of nearly US$551 billion in the market for these elements as at the end of 2021, a year-on-year increase of 25%, and predicts similar figures for the close of 2022.
By the end of this year, the world semi-conductor market is expected to have grown by 10.1% annually, rising to almost US$607bn.
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