The Commission is proposing a three-pronged approach to increase public and private investment in AI, prepare for socio-economic changes, and ensure an appropriate ethical and legal framework. This follows European leaders call for a European approach on AI.
The EU (public and private sectors) should increase investments in AI research and innovation by at least EUR 20 billion between 2018 and the end of 2020, according to the Commission’s official press release. To support these efforts, the Commission is increasing its investment to EUR 1.5 billion for the period 2018-2020 under the Horizon 2020 research and innovation programme.
This investment is expected to trigger an additional EUR 2.5 billion of funding from existing public-private partnerships, for example on big data and robotics. Additionally, the European Fund for Strategic Investments will be mobilised to provide companies and startups with additional support to invest in AI. With the European Fund for Strategic Investments, the aim is to mobilise more than EUR 500 million in total investments by 2020 across a range of key sectors.
Moreover, the Commission will present ethical guidelines on AI development by the end of 2018, based on the EUs Charter of Fundamental Rights, taking into account principles such as data protection and transparency, and building on the work of the European Group on Ethics in Science and New Technologies.
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