The Spanish government announced on Tuesday a 12.3 billion-euro investment plan that will turn the country into a major microchip producer and help reduce Spain and the European Union’s (EU) dependency on other suppliers.

The announcement was made in Madrid, where Prime Minister Pedro Sanchez will meet with leaders of technology companies at the World Economic Forum in Switzerland to explain the plan and get more investment.

Speaking in Madrid, Deputy Prime Minister and Minister of Economy Nadia Calvinho said the five-year plan aims to ensure that Spain covers all areas of development and production of microchips, which are now considered key to all areas of modern industry.

Due to the global scarcity of computer chips, it has become more difficult for consumers to purchase cars, computers and other necessities. The project aims to strengthen the EU’s weak position in microchip manufacturing, which according to Calvinho accounts for about 10% of the world’s volume.