Tuesday, October 4, 2022
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Canada to Invest $189M in Semiconductor Development

Canada intends to invest $189 million (about 240 million Canadian dollars) in the semiconductor industry in order to strengthen production and expand research in the field of chip development – according to authorities, this is critical for national security and technological development of the country.

Minister of Innovation, Science and Industry François-Philippe Champagne has set up a $118 million special fund for the development and production of semiconductors, and another $71 million will be allocated to the National Research Council at the Canadian Center for the Production of Photovoltaic Cells – the latter are widely used in electronics manufacturing .

Champagne expects this to help attract businesses considering investing in Canada. The minister wished that Canada would become the “home” for leading semiconductor manufacturers – as you know, many industries have recently been suffering from shortages that began during the first surge of COVID-19. Last but not least, the lack of components is associated with the rapid growth in the production of consumer electronics.

In Canada, they believe that the investment will help “strengthen Canada’s position in the industry” – there are now more than 100 local and international companies associated with research, development and production of microchips in the country.

 source: Reuters

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