RIYADH: Spain plans to invest 11 billion euros ($12.4 billion) to develop microchips and semiconductors in an effort to repair its economy, Bloomberg reported citing the prime minister. “We want our country to be at the vanguard of industrial and technology progress,” Pedro Sanchez added. The project is to be approved by the cabinet shortly, according to Bloomberg. This comes as part of the European country’s efforts to rebuild the economy from the pandemic repercussions and Ukrainian war. The war in Ukraine has disrupted the key material to manufacture semiconductors namely argon and neon, Sanchez explained.