By ET Bureau - June 01, 2021 1 Mins Read
An attempt by the European Union to catch up with China and the United States in technologies like artificial intelligence, automation, and blockchain technologies are hobbled by an investment shortfall of nearly US$12 billion (10 billion euros) annually – indicated the European Investment Bank (EIB).
The EIB noted the US and China together account for more than 80% of 25 billion euros of equity investments in these technologies. Lately, there is an increased for technology to reinvent sectors hit hard by the pandemic.
“Companies and governments in Europe are substantially underinvesting in AI and blockchain compared to other leading regions and it has become clear that the European Union struggles to translate its scientific excellence into business application and economic success,” explained EIB.
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