The European Union has outlined an ambitious new industrial policy that aims to make the bloc a significant player in the global semiconductor industry.

The European Chips Act, adopted this week by the EU Commission, bundles together €43 billion ($49 billion) in public and private funding for the sector, with an end-goal of doubling the EU’s share of global chip production from 9 percent to 20 percent by 2030.

For years, the EU has wanted to increase its leadership in the development and fabrication of semiconductor chips (it unveiled a similar funding package in 2013), but the global supply chain crisis triggered by the pandemic has sharpened the urgency of these plans.