Spain plans to invest 11 billion euros ($16.4 billion; US$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.
The investment is the latest effort to rebuild the economy, which suffered more than most European peers from the pandemic and is under pressure again following Russia’s invasion of Ukraine. Sanchez said the war has disrupted supplies of gases such as argon and neon that are key for making semiconductors.