The European Commission (EC) requested an additional €10 billion from governments to fund a newly-proposed programme aimed at ramping development and manufacturing of key technologies, as it hopes to generate investments worth €160 billion by 2027.

In a statement, the EC noted the scheme builds on existing initiatives including the Chips Act and Digital Europe.

The new Strategic Technologies for Europe Platform (STEP) programme will target several focus areas: deep and digital technology including microelectronics, 5G, advanced connectivity and cyberdefence; clean technology including renewable energy; and biotech.

EC stated the STEP programme will strengthen the economic area’s resilience to headwinds citing any potential supply chain disruption, labour shortages, inflation and a spike in energy costs.

A portal will be created under the programme to promote synergies between different projects. It will also serve as a platform for those in search of funding.

“The future of strategic industries should be made in Europe”, EC president Ursula von der Leyen said.

“With the existing funding, and an extra €10 billion that we intend to inject, we aim to reach up to €160 billion in investments in the coming years.”