While positioning itself as a global leader in artificial intelligence regulation with the European Union Artificial Intelligence Act, the EU has not historically been a global leader in innovative AI achievements.
American and Chinese companies have dominated headlines and benchmark leader boards in a constant race to have the most advanced AI models in the world. Meanwhile, although a recent McKinsey & Co. survey suggests that around 78% of organizations across the globe use AI in at least one business function, the EU itself estimates that only 13.5% of EU companies use AI.[1]
In a move to better position the EU as a global leader in AI, the European Commission unveiled the AI Continent Action Plan on April 9. This ambitious plan will involve investing €200 billion ($264 billion) toward increasing the EU's AI capabilities, aiming to transform Europe's robust talent pool and prowess in traditional industries into engines that will accelerate AI innovation in the EU.
This article provides an overview of the EU's new €200 billion investment plan, which focuses on enhancing the EU's AI infrastructure, increasing access to high-quality data, fostering AI adoption in strategic sectors, improving the EU's AI workforce, and facilitating compliance with the EU AI Act.[2]
This article is an enhanced client update for Law360 UK to republish it in the UK and EU.
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