The European Union is stepping up efforts to attract venture capital into its tech sector to compete with the U.S. and China.

EU Tech Sector Growth

On October 21, EU Commissioner Iliana Ivanova announced the launch of the 'Trusted Investors Network' during a meeting with Greek Prime Minister Kyriakos Mitsotakis. This initiative aims to support startups and boost investments across Europe’s tech sector. The focus is on attracting venture capital in the fields of biotechnology and semiconductors for AI development. According to Reuters, 71 investors in Europe have joined the initiative, committing over 90 billion euros in assets.

Greece Expands Its Tech Capabilities

The launch of the 'Trusted Investors Network' in Greece highlights the country's growing role in tech and innovation. One EU-supported project, Dronamics, introduced the region’s first cargo drone airline in Greece. A new $330 million AI data center is set to open in November, thanks to an investment from the Paris-based company Data4, expected to significantly impact the local economy and digital ecosystem.

Technology Regulation and Innovation in Europe

Europe is actively securing thorough and adequate regulations for its tech sectors. The passage of the EU AI Act and the Markets in Crypto-Assets Regulation (MiCA) are recent efforts towards this. Additionally, the Greek government announced the creation of an AI advisory committee in October 2023 to strategize a national approach.

The European Union continues to actively advance its tech sector by attracting venture capital and implementing necessary regulations, aiming for safe and rapid innovative growth.