The European Union announced a blueprint on Tuesday to make one-fifth of the world’s microchips, saying it was “open for business” to semiconductor giants from Taiwan and other industry leaders. The European Chips Act provides at least €42 billion (US$48 billion) by 2030 in public and private sector capital behind an ambitious plan to effectively double the bloc’s chip production, to 20 per cent of the global supply of semiconductors, the tiny processing units that will power the industries of the future. Currently, the bloc produces 10 per cent of the world’s supply, few of which are considered to be...