The European Commission wants investment in artificial intelligence from private and public sources across Europe to total 20 billion euros by 2020 and has promised to increase its own investment over that time period by 70% to 1.5 billion euros. Artificial intelligence promises to revolutionize almost all sectors and the EU is seeking to ensure it retains competitiveness with Asia and The United States who both invested at least 3x more than Europe did last year.
The Vice President of the European Union, Andrus Ansip, said on Wednesday that "Just as the steam engine and electricity did in the past, AI is transforming our world. Today, we are giving a boost to researchers so that they can develop the next generation of AI technologies and applications, and to companies, so that they can embrace and incorporate them."
France and Britain have also recently made public their intentions to make investments in artificial intelligence a priority. Emmanuel Macron, President of France, promised last month to increase the allocation of public money towards AI investment to 1.5 billion euros. Last year, private investments in AI across Europe totaled 2.4-3.2 billion euros, drastically lower than America's 18 billion euros and Asia's 10 billion euros. The bloc will have to continue to ramp up investment in the revolutionary technology or likely face a brain drain, where their top industry professionals are attracted elsewhere.
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