What goes around, comes around, as demonstrated by HMD Global Oy, which has said it will return production of some smartphones to Europe. This after the China-based company bought Nokia's phone business in 2016. This is a particularly dramatic development given that most smartphones are manufactured in Asia at the present time.

The planned European Chips Act aims to “bolster Europe’s competitiveness and resilience in semiconductor technologies and applications,” according to information provided by the European Commission (EC). Other wording in the proposed act mentions investments in “next-generation technologies” and creating “a more investor-friendly framework for establishing manufacturing facilities in Europe.” Investments in next-generation technologies

Smartphones and the technology therein presumably fall into this category. The EC pointedly notes that Europe today produces only 10% of the world's annual trillion-chip production.

Image provided by HMD Global Oy.