Why Did So Much Semiconductor Manufacturing Move to Asia?

Newport Wafer Fab runs Britain's largest chip making facility. It was sold in 2021 to a Dutch company which is subsidiary of a Chinese company Wing Tech technology. The EU this year approved the €43 billion European Chips Act so that they can subsidise chip manufacturing in the region. France has additionally announced that it will separately invest billions in a new semiconductor plant. Then in July the US passed the Chips and Science Act that earmarked $52 billion in grants to support advanced chip making in the US.