Canada to Invest $240M in the Semiconductor Industry
According to Reuters, because of the chip shortage, the Canadian auto industry has cut 643,100 vehicles from production only in 2022. As this is written, Canada’s semiconductor sector is composed of over 100 homegrown and multinational companies for research and development on microchips.
So, last Monday, it was announced that Canada was looking at investing some $240 million into its semiconductor industry to boost the manufacturing and research of chips, small components that are necessary to national security and technological advancement.
Consequently, François-Philippe Champagne, minister of innovation, science and industry, unveiled a $150 million Semiconductor Challenge Callout fund to develop and supply semiconductors also known as chips or microchips, elements that are needed in many industries including automobiles. Some additional $90 million has also been awarded to the National Research Council of Canada’s Canadian Photonics Fabrication Centre. Photonics are used in telecommunication networks.