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Europe is lagging behind in the race for technological Supremacy

Today, the US is forging ahead in key areas of the tech sector, and China is not far behind. Of course, most governments in the EU are aware of the technological challenges facing European firms. But the 28 Member states have different spending priorities. And too much energy is lost in the meanders of bureaucracy. The following two examples bear particular notice. First, the US and China are dominant in the Business-to-Consumer platform market with companies like Google, Apple, Facebook, Amazon, Alibaba and Tencent. European firms are almost non existent on this global market. And it will be very difficult for Europeans to close this gap. The second example relates to the Artificial Intelligence (AI). There is one figure that illustrates the problem very well: 48% of all AI venture globally went to China (Re: PwC Fig.2017). The central economic goal of the Chinese authorities is simply to become a world leader in AI by 2030. However, thanks to its universities and high-tech companies, the USA are still leader in technological innovation. But for how long? It should also be noted that Europe suffers from the lack of a Digital Single Market. And yet, the EU through further digitization could gain an additional $ 2.8 Trillion of GDP in 2025 (Re. Mc Kinsey). More broadly, the reality today is that without a co-ordinated impulse and a strong political will among the EU’s leaders, European firms could become more and more dependent on technologies controlled by foreign powers. This would obviously be a dangerous situation!

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