eco on European Industrial Strategy: “Europe Mustn’t Allow Itself to be Overshadowed by China and Silicon Valley”

Berlin, 10 March 2020 – Today, the EU Commission is presenting its concepts for both an industrial and an SME strategy. eco – Association of the Internet Industry believes that an EU-wide strategy is urgently needed in the context of international competition, in order to maintain and strengthen the European economy in the long term. In particular, eco welcomes the fact that, on the basis of the strategy paper, companies should be better equipped for the digital age.

On this topic, eco Chair Oliver J. Süme has the following to say:

 “It is imperative that the EU finally acts to make sure that Europe does not lose out to economic heavyweights such as the US and China. In order not to be completely overtaken by Silicon Valley, a visionary strategy is needed that above all recognizes the economic potential of digital innovations and artificial intelligence (AI). A European industrial strategy is therefore the right approach, but it must also be substantiated by concrete measures and a legal framework. Here, Europe must be bold and pursue the goal of playing a key role in the areas of Internet security and artificial intelligence in the future, thereby acting as a role model in the delivery of responsible data policy.”

A large number of EU Member States have already recognized that high ethical and data protection-compliant standards have clear resonance in international competition and, as such, can be employed as original European strategic factors. This is highlighted in a recent study on the economic potential and lasting development of artificial intelligence, published by eco and Arthur D. Little with the support of the Vodafone Institute. In this context, the study also sheds light on the digital strategies of the EU, the USA, and China, and compares their priorities in dealing with AI technologies. Now the task is to incorporate this competitive advantage into a holistic European industrial strategy.

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