The European Union is a bit even worse off with technology firms in its territory than the United States or China and is taking actions therefore.
The European Commission and the European Investment Fund (EIF) are releasing a joint project to set up 2 billion euros. They will certainly be invested in fundamental modern technologies in the area of artificial intelligence as well as blockchain innovation. Investments come versus the backdrop of international competition. Thus, this would be the strategy of the European Union which looks for not to lag behind the United States of America and also China in regards to the technology sector.
In 2020, the European Union and also EIF will certainly spend 100 million euros in companies that are associated with the advancement of the two innovations. According to price quotes, this amount will certainly bring in one more 300 – 400 million euros from private investors.
In the longer term, financial investments will enhance. From 2021, investments will certainly enhance to one billion euros as well as will reach, throughout 2 billion euros, within the InvestEU Programs.
The European Union intends to compete with the United States and also China
“The new Investment Fund for Artificial Intelligence and Blockchain was released previously this year and will money the advancement of companies that handle very ingenious artificial intelligence and also blockchain, as part of a larger movement to develop a vibrant development community at the degree of the whole EU “, states the European Commission’s site.
The distinctions in between the European bloc as well as both states, the United States and China, are rather huge in terms of investments. AI companies in the United States received concerning 2 thirds of the overall personal investment in expert system in between 2011 and 2018. Chinese companies obtained, on standard, 21% of the global overall. In Europe, investments were listed below 10% in that duration.
In the blockchain, the issue is also bigger. American companies obtained 33% of the financial investments, European firms 22% as well as Chinese business 21%.