The European Investment Bank (EIB) has estimated that the European Union should allocate up to \u20ac10 billion a year to compete with the United States and China in the fields of artificial intelligence and blockchain. Reuters reports.<\/p>\n
According to the report, aggregate equity investments in both technologies in the United States and China account for 80% of \u20ac25 billion a year. Meanwhile, the bloc of 27 countries contributes only \u20ac1.75 billion or 7% of the total, the EIB said.<\/p>\n
\n\u201cCompanies and governments in Europe significantly underfund AI and blockchain compared with other leading regions, and it has become clear that the EU is struggling to turn its scientific advances into business applications and economic success,\u201d the bank said.<\/p>\n<\/blockquote>\n
The EIB warned that access to finance could become more challenging in the near term due to market conditions, potentially widening the investment gap.<\/p>\n
\n\u201cEU and member state support schemes can partly bridge the gap, but private markets must also contribute,\u201d the bank said.<\/p>\n<\/blockquote>\n
Experts noted the importance of both technologies and their potential to rethink sectors hard-hit by the COVID-19 pandemic, such as financial services, healthcare, and business analytics.<\/p>\n
The bank also believes that AI and blockchain will help bolster the bloc’s economic resilience.<\/p>\n
In May, U.S. senators proposed investing $110 billion in the development of advanced technologies<\/a>, including artificial intelligence.<\/p>\n
In April, the European Commission unveiled a proposal that regulates the use of AI<\/a> in the EU, including a ban on the deployment of most mass-surveillance technologies.<\/p>\n