EU to spend 1.5 billion Euros to boost investment in Artificial Intelligence (AI) and compete with United States and China

Europe wants to be at the forefront of Artificial Intelligence (AI). With many recent breakthroughs in AI coming out of European labs, now the European Commission want to increase its investment to €1.5 billion for the period 2018-2020 under the Horizon 2020 research and innovation program. In a public release, the European Commission announced a series of measures to put artificial intelligence (AI) at the service of Europeans and boost Europe’s competitiveness in this field. Around a quarter of all industrial and professional service robotics are being produced by European companies.

This is not the first time EU or its member nations trying to do boost AI investment. Back in March, French President, Emmanuel Macron wants France to become a leader in AI and avoid ‘dystopia.’ President Macron wants France to spend $1.8 billion on AI to take on US and  China.

“The Commission is proposing a three-pronged approach to increase public and private investment in AI, prepare for socio-economic changes, and ensure an appropriate ethical and legal framework. This follows European leaders’ call for a European approach on AI,” the statement reads. The approach includes: Boosting financial support and encouraging uptake by public and private sectors, preparing for socio-economic changes brought about by AI, and ensuring an appropriate ethical and legal framework.

Vice-President for the Digital Single Market Andrus Ansip said: “Just as the steam engine and electricity did in the past, AI is transforming our world. It presents new challenges that Europe should meet together in order for AI to succeed and work for everyone. We need to invest at least €20 billion by the end of 2020. The Commission is playing its part: 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.”

“The EU (public and private sectors) should increase investments in AI research and innovation by at least €20 billion between now and the end of 2020. To support these efforts, the Commission is increasing its investment to €1.5 billion for the period 2018-2020 under the Horizon 2020 research and innovation program. This investment is expected to trigger an additional €2.5 billion of funding from existing public-private partnerships, for example on big data and robotics. It will support the development of AI in key sectors, from transport to health; it will connect and strengthen AI research centers across Europe, and encourage testing and experimentation. The Commission will also support the development of an “AI-on-demand platform” that will provide access to relevant AI resources in the EU for all users,” the Commission said in a public release statement

“This investment is expected to trigger an additional €2.5 billion of funding from existing public-private partnerships, for example on big data and robotics. It will support the development of AI in key sectors, from transport to health; it will connect and strengthen AI research centers across Europe, and encourage testing and experimentation. The Commission will also support the development of an “AI-on-demand platform” that will provide access to relevant AI resources in the EU for all users,” the release said.