Home / Business and Economy / EU Rallies Tech Giants for Competitiveness Boost
EU Rallies Tech Giants for Competitiveness Boost
28 Apr
Summary
- EU proposes over €400 billion competitiveness fund.
- Tech leaders meet EU on Wednesday amid competitiveness concerns.
- ASML notes Europe's small share of its system sales.
The European Union is intensifying its efforts to enhance industrial resilience and technological leadership through a proposed competitiveness fund and an upcoming tech sovereignty package. This initiative aims to foster innovation and address growing concerns about the bloc's standing against international rivals.
European Commission President Ursula von der Leyen is scheduled to meet with major technology and semiconductor firms this week, including ASML Holding NV, Siemens AG, Nokia, and Ericsson. This meeting underscores the EU's commitment to creating a more targeted and efficient environment for business growth.
Recent remarks from ASML CEO Christophe Fouquet emphasized Europe's minimal contribution to the company's system sales, labeling it a significant challenge. In response, ASML is collaborating with other European companies like Airbus, Siemens, Nokia, Ericsson, and SAP to develop concrete proposals for enhancing the European tech ecosystem.
The EU's proposed competitiveness fund, valued at over €400 billion, is part of its next long-term budget starting in 2028. Additionally, the bloc is finalizing a tech sovereignty package, which will introduce new regulations for chips and cloud computing, complementing existing cybersecurity and digital network legislation.
