The European Investment Bank (EIB) is developing a new project called ‘Tech EU’ to strengthen Europe’s capabilities in artificial intelligence and semiconductors. The initiative aims to raise 70 billion euros ($78 billion) by 2027, according to EIB President Nadia Calvino.
The ‘Tech EU’ blueprint is part of the European Union’s broader efforts to boost its competitiveness against major economies like China and the United States. Calvino revealed that the project aims to attract a total of 250 billion euros in investments over the long term in an interview with the Italian daily Corriere della Sera.
In addition to artificial intelligence and semiconductors, the ‘Tech EU’ project will also focus on health technologies and critical commodities. Calvino emphasized that the EU needs market integration, investment, and simplification to enhance its competitiveness.
The EIB’s initiative comes as the EU seeks to strengthen its position in the global technology landscape. By investing in key areas like AI and semiconductors, the EU aims to reduce its dependence on other major economies and become more competitive in the global market.
Key Details of the ‘Tech EU’ Project
- Aims to raise 70 billion euros by 2027
- Targets 250 billion euros in long-term investments
- Focus areas include artificial intelligence, semiconductors, health technologies, and critical commodities
- Part of EU’s efforts to boost competitiveness against China, the US, and other major economies
The ‘Tech EU’ project represents a significant step towards enhancing Europe’s technological capabilities and competitiveness. By focusing on key areas like AI and semiconductors, the EU aims to create new opportunities for growth and innovation in the region.
