The European semiconductor and semiconductor-based photonics industry aims to achieve an internationally leading role. Existing international cooperation initiatives among regions, like ITRS2 and IRDS, are paving the way. With this in mind, the EU-funded ICOS project will assist in defining topics and measures to strengthen Europe’s position in the global value chain of semiconductor and semiconductor-based photonics through cooperation initiatives with other leading semiconductor regions. The project will identify European and non-EU industrial strengths and gaps in the semiconductors field and explore emerging technologies with the assistance of leading research centres. ICOS will provide advice on joint actions with leading semiconductor countries, performing an in-depth analysis of risks versus expected benefits.