The world is facing a technology crisis fuelled by geopolitical tensions, and it continues to impact the global chip shortage.
The United Kingdom is the latest country to come up with a plan to secure semiconductors with a £1 billion budget.
This comes after plans announced by the European Union, Japan, South Korea, and the United States, which aim to secure the supply of chips.
The global West intends on reducing its reliance on China and Taiwan, as tensions continue to grow and supply chains in these regions become even more fragmented.
Many regions, especially the United States and the European Union have secured subsidies to capture investments by manufacturing giants such as Samsung, Intel, and TSMC.
These three companies in particular have committed to building ‘mega fabs’, (semiconductor fabrication plant) in the United States.
The interconnectedness of global supply chains, particularly in the technology industry, is what initially gave rise to accelerated growth across the globe. However, with tensions rising and supply chains becoming increasingly hostile, countries are going to need to come up with new ways to rely on themselves.
