BRUSSELS—The European Union aims to invest tens of billions of euros to bolster its chip industry and double its share of global production to 20 percent, the bloc’s industry chief said on Friday, after a global shortage showed the risks of relying on Asian and U.S. suppliers. The EU’s ambitious plan comes after the United States last year announced its $52 billion CHIPS for America Act to better compete with Chinese technology. “I do not want to give you today the level of investment, but it will be commensurate to what the U.S. wants to put in,” European Industry Commissioner Thierry Breton told journalists. “We are working with all the different payments, especially national, European, regional, but of course I confirm that when you add all this we will have what we need and it will be commensurate,” he said. The EU Chips Act, announced by European Commission President Ursula …