European Investment Bank Unveils 'Tech EU' Plan to Boost AI and Semiconductor Capabilities
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EIB at work on AI, semiconductor investment plan to boost EU competitiveness
MILAN, May 17 (Reuters) - The European Investment Bank is working on a new project to enhance European capabilities on artificial intelligence and semiconductors, with the aim of raising 70 billion euros ($78 billion) by 2027, its head said on Saturday. The blueprint is part of the European Union's efforts to increase its competitiveness against China, the United States and other major economies. The new blueprint, named 'Tech EU' aims to attract a total of 250 billion euros in investments over the long term, EIB president Nadia Calvino told Italian daily Corriere della Sera, without giving details. The 'Tech EU' project will also focus on health technologies and critical commodities, she said. The EU also needs market integration, investment and simplification to strengthen its competitiveness, Calvino said. ($1 = 0.8958 euros) Reporting by Sara Rossi, editing by Susan Fenton Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence
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EIB at work on AI, semiconductor investment plan to boost EU competitiveness
The blueprint is part of the European Union's efforts to increase its competitiveness against China, the United States and other major economies. The European Investment Bank is working on a new project to enhance European capabilities on artificial intelligence and semiconductors, with the aim of raising 70 billion euros ($78 billion) by 2027, its head said on Saturday. The blueprint is part of the European Union's efforts to increase its competitiveness against China, the United States and other major economies. The new blueprint, named 'Tech EU' aims to attract a total of 250 billion euros in investments over the long term, EIB president Nadia Calvino told Italian daily Corriere della Sera, without giving details. The 'Tech EU' project will also focus on health technologies and critical commodities, she said. The EU also needs market integration, investment and simplification to strengthen its competitiveness, Calvino said.
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EIB at work on AI, semiconductor investment plan to boost EU competitiveness
MILAN (Reuters) -The European Investment Bank is working on a new project to enhance European capabilities on artificial intelligence and semiconductors, with the aim of raising 70 billion euros ($78 billion) by 2027, its head said on Saturday. The blueprint is part of the European Union's efforts to increase its competitiveness against China, the United States and other major economies. The new blueprint, named 'Tech EU' aims to attract a total of 250 billion euros in investments over the long term, EIB president Nadia Calvino told Italian daily Corriere della Sera, without giving details. The 'Tech EU' project will also focus on health technologies and critical commodities, she said. The EU also needs market integration, investment and simplification to strengthen its competitiveness, Calvino said.
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The European Investment Bank announces a new project called 'Tech EU' to enhance European capabilities in AI and semiconductors, aiming to raise €70 billion by 2027 and attract €250 billion in long-term investments.
European Investment Bank Launches 'Tech EU' Initiative
The European Investment Bank (EIB) has announced a groundbreaking project aimed at bolstering the European Union's competitiveness in the global technology landscape. Named 'Tech EU', this ambitious plan focuses on enhancing European capabilities in artificial intelligence (AI) and semiconductors, with additional emphasis on health technologies and critical commodities
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.Financial Goals and Investment Strategy
EIB President Nadia Calvino revealed that the 'Tech EU' project has set an initial target of raising €70 billion ($78 billion) by 2027. This forms part of a broader, long-term vision to attract a total of €250 billion in investments
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. The substantial financial commitment underscores the EU's determination to establish itself as a formidable player in the tech industry, particularly in AI and semiconductor development.Competitive Positioning
The 'Tech EU' blueprint is a strategic move by the European Union to enhance its competitive stance against major economic powers such as China and the United States
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. By focusing on critical technological areas, the EU aims to reduce its dependence on external sources and foster innovation within its borders.Key Focus Areas
While AI and semiconductors are at the forefront of the 'Tech EU' initiative, the project's scope extends beyond these domains:
- Artificial Intelligence: Developing cutting-edge AI technologies to drive innovation across various sectors.
- Semiconductors: Strengthening Europe's semiconductor industry to ensure a reliable supply chain for critical components.
- Health Technologies: Investing in advanced medical technologies to improve healthcare outcomes and resilience.
- Critical Commodities: Securing access to essential resources to support technological advancements
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Strengthening EU Competitiveness
Calvino emphasized that the success of 'Tech EU' relies not only on financial investment but also on broader structural improvements. She highlighted the need for:
- Market Integration: Enhancing cooperation and reducing barriers within the EU market.
- Investment: Attracting and facilitating both public and private investments in key technologies.
- Simplification: Streamlining processes and regulations to foster innovation and growth
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Implications for the European Tech Ecosystem
The 'Tech EU' initiative signals a significant shift in the EU's approach to technology and innovation. By channeling substantial resources into AI, semiconductors, and related fields, the EU aims to create a robust ecosystem that can compete on a global scale. This move is likely to have far-reaching effects on research, industry, and policy within the European Union.
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