“The European vision to double our global market share by 2030 to 20%, and produce the most sophisticated and energy-efficient semiconductors in Europe, is already attracting substantial private investment,” the EU’s internal market chief, Thierry Breton, said in a statement. “Now we are mobilizing considerable public funding and the regulatory framework to turn this vision into reality.”

One of the most contentious parts of the negotiations was the budget after EU countries cut €400 million from the European Commission’s initial plan, which called for reallocating money from the EU’s research budget for semiconductors. Negotiators made up the shortfall with funds mostly from outside the research budget, according to people familiar with the matter.

Read More: EU Nations Advance €43 Billion Plan to Become Semiconductor Hub

South Korea approved a bill on March 30 to provide more tax breaks for companies investing in semiconductor manufacturing. Last year the US passed a bill that provides about $50 billion of federal money to support domestic production of semiconductors and foster a skilled workforce needed by the industry.

The agreement will become law once it is approved by the European Parliament and EU member countries and then published in the Official Journal.