The European Union (EU) and Japan have signed a memorandum of understanding (MoU) to strengthen cooperation in semiconductors, network security and submarine cables.
The MoU was signed by Thierry Breton, European Commissioner for the Internal Market, and Japanese Economy Minister Koichi Hagiuda on July 4, 2023.
The agreement aims to boost cooperation between the two sides in the development of semiconductors, which are essential for a wide range of products, from smartphones to cars.
Japan will provide generous subsidies to European manufacturers to promote the development of its chip industry. Although the Japanese chip industry has advantages in materials and equipment, its share in the global market has been declining in recent years.
The EU and Japan will also work together to improve network security and develop new submarine cables.
"Securing the supply chain for semiconductors is a top priority," Breton said. "This MoU will help us to achieve that goal by bringing together the strengths of our two economies."
The MoU comes at a time when the global chip shortage is causing major disruptions to businesses and consumers. The EU and Japan hope that by working together, they can reduce their reliance on other countries for semiconductors and other critical technologies.
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