EU to set up 750 billion euro economic recovery fund: increase competitiveness of 5G, artificial intelligence and so on

BEIJING, May 28 (Xinhua) — The European Union is turning to technology to recover from the crisis in the new crown epidemic in order to compete more strongly with the U.S. and China in key areas,media reported. The European Commission on Wednesday proposed a 750 billion euro ($825 billion) economic recovery fund.

EU to set up 750 billion euro economic recovery fund: increase competitiveness of 5G, artificial intelligence and so on

One of the goals of the Economic Recovery Fund is to achieve self-reliance in key areas of science and technology as the new corona crisis recovers, the commission said.

It also highlights how the EU 27 is dependent on other countries in key areas of science and technology and in the supply of key materials.

“This new pandemic and its impact on our lives and economy have highlighted the importance of digitizing the EU economy and society,” the European Commission said in announcing plans to help EU countries.

The proposal includes increased investment in 5G and 6G networks, with potential benefits in health, education, transport, logistics and the media. However, no specific investment figures are given in this regard.

More money will also be made in other areas, including artificial intelligence, network security, secure communications, data and cloud infrastructure, supercomputers, quantum and blockchain.

The Commission stressed that it planned to adopt a data law to take full advantage of the EU’s data wealth in the fields of industry, environment, health, transport and public administration.

The European Commission has warned of a new data law, known as the Digital Services Act, to be released by the end of 2020, which will have clear provisions on the large online platforms used by thousands of European companies.

“The bill will provide more robust security for online customers, prevent the platform from abusing market power, give small businesses equal opportunities, and ensure a fair market environment,” the commission said.

The proposed cyber security strategy, which aims to help EU countries strengthen cyber security and respond to malicious cyber attacks, will become clearer in the coming months.