BRUSSELS (AP) — The European Union is announcing a $48 billion plan Tuesday to become a major microchip producer to try to curb its dependency on Asian markets for the component that powers everything from cars to game consoles.

At a time when natural gas shortages and reliance on Russia for energy shows the political risks of economic dependency, the 27-nation bloc is moving to boost its economic self-sufficiency in the critical semiconductor sector with its Chips Act.

The EU move mirrors U.S. President Joe Biden's $52 billion push to invest in a national chip-producing sector to make sure more production occurs in the United States.

Over the past year, there has been a supply chain bottleneck for semiconductors that go into everything from passenger cars to entertainment products. In Europe, some consumers have had to wait nearly a year to get a car because of lack of spare parts.

Semiconductors are the tiny microchips that act as the brains for products like smartphones and cars, and an extended shortage has highlighted the importance of chipmakers, most of which are based in Asia, to global supply chains.

European Commission President Ursula von der Leyen has said that Europe’s Chips Act will link research, design and testing as well as coordinate EU and national investment. The 43 billion euro plan pools public and private funds and allows for state aid to get the massive investments off the ground.