EU to Invest 300 Trillion Won in AI Development... "Competition Begins with US and China"

The European Union (EU) announced on the 11th (local time) a plan to mobilize a total of 200 billion euros (approximately 300 trillion won) in private and public capital to foster artificial intelligence (AI). This is to avoid falling behind the United States and China in the AI market competition.

Ursula von der Leyen, President of the European Commission, announced the 'InvestAI Initiative' centered on this plan at the 3rd AI Action Summit held in Paris, France, on the same day.

Ursula von der Leyen, President of the European Commission (EU). Photo by Yonhap News Agency

InvestAI is a public-private partnership project aimed at building AI infrastructure within Europe. The EU explained that in terms of the scale of capital mobilization, it is the largest in the world in the AI sector.

According to the plan, 50 billion euros out of the 200 billion euros will be raised through the 'InvestAI Fund,' which utilizes existing EU funds. It is expected to take the form of guarantees and financial support.

The remaining 150 billion euros will be filled by private investment. To this end, more than 60 companies within Europe will launch a separate project called the 'European AI Champions Initiative,' which promises investments on the occasion of this summit. In particular, through this plan, the EU intends to establish at least four so-called 'AI giga factories' specialized in training ultra-large AI models across Europe.

President von der Leyen said, "AI can help enhance our competitiveness, protect security, strengthen public health, and make access to knowledge and information more democratic," adding, "This is the vision of the 'AI continent' we dream of."

She also stated, "I often hear that the US and China are ahead and Europe is lagging, but I do not agree," and argued, "The AI competition is not over yet; it is only just beginning."

Regarding the already enacted EU AI law, she declared that while the goal is to provide consistent and safe rules across Europe, unnecessary regulations will be reduced to support business activities.