The European Commission (EC) has unveiled a plan to support semiconductor manufacturing in the region that could give the sector access to more than €43 billion in public and private investment.

According to a statement from the EC, the plan, called the European Chips Act, aims to develop measures to prevent and effectively combat the shortage of semiconductor supply. The EC aims to achieve the goal of doubling its share of the global chip market to 20% by 2030.

“Ensuring the supply of the most advanced chips has become an economic and geopolitical priority. We are trying to do everything to fully guarantee supply and avoid possible shocks to the economy,” said Thierry Breton, commissioner for the internal market.

It remains unclear how the EC intends to secure the intended investment. Some part may be allocated by reallocating money in the EU budget, according to Niklas Poitier, a researcher at Bruegel think tank. Some part is also likely to come from the bloc’s member states and private companies. However, the largest share will come from subsidies that are allocated for infrastructure construction in Europe, Poitier said.

That said, significant subsidies will be possible because the plan presented suggests relaxations in state subsidy laws to support projects aimed at strengthening the chip sector.

Europe’s efforts to boost production of semiconductor components come amid global problems in the supply of these products, which have plagued other related industries, such as automotive and consumer electronics, over the past year. Meanwhile, European countries remain important suppliers of materials and equipment needed for semiconductor production, but lag far behind the US and Asian countries in the production of most types of microchips.