The Netherlands has joined the so-called Semicon Coalition of countries that want to strengthen Europe’s semiconductor industry.

Launched on Wednesday, the agreement includes Belgium, Germany, Finland, France, Italy, Austria, Poland, Spain and the Netherlands and is aimed at innovation and taking chips to market more quickly.

Semiconductors, such as those made by leading Dutch chip manufacturer ASML, are not only an economic priority but also a strategic one, and an important driver for prosperity and security, the countries said in a joint statement. Better cooperation between the countries will secure European autonomy, resilience and earning capacity, they said.

Economic affairs minister Dirk Beljaarts said the countries involved agreed that European countries must tighten their cooperation, “not a bit, but a lot”. The pact also involves increasing production capacity and more public/private financing for new semiconductor applications and investment in staff.

The Semicon Coalition is the latest in a series of worldwide government initiatives, including the EU Chips Act, comprising a fund of €43 billion to support the European industry, the American Chips & Science Act, and the Chinese Big Fund.