The shortage of semiconductor chips has exposed the vulnerability of European high-tech manufacturers that rely heavily on chip imports from Asia. The automotive sector alone, traditionally a European high-tech stronghold, is expected to take a US$110 billion (£79 billion) hit over the coming years as a result. In 2020, high-tech products represented approximately 20% of total exports from the European Union by value, with other major sectors including pharmaceuticals, telecoms, aerospace, and armaments. Enjoying annual growth rates upward of 10% before the semiconductor shortage and employing more than 3.5 million workers, high-tech is the fastest-growing European industry by far. Considering…
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