Officials want to ensure that at least 20 percent of the world's cutting-edge semiconductors by value are produced in Europe by the end of the decade.
The document, which could still change, is due to be presented next week by the European Commission, the bloc's executive body.
The EU has discussed potentially establishing a new foundry as part of a plan to boost semiconductor production in Europe, Bloomberg has reported previously. The EU wants to manufacture chips faster than the most efficient 5nm semiconductors made by industry leaders TSMC and Samsung.
"A reduction in critical dependencies will enable the EU to become digitally sovereign and better able to assert European interests", the EU said in the document.
Dubbed the “Digital Compass,” the plan outlines the bloc's digital goals for the next decade. As part of that, it also aims to deploy 10,000 climate-neutral facilities to guarantee businesses have rapid access to data services, develop a computer with quantum acceleration by 2025 and cover populated areas in Europe with 5G by 2030.
In addition, the EU said over the next decade it wants to double the number of unicorns, or companies with a valuation above $1 billion, by improving access to financing.