TASS, August 23. The European Union plans to create a European Fund of €100 billion with the aim of investing in strategic sectors in which the community is lagging behind global competitors. This was reported on Friday by the British newspaper Financial Times, which managed to get acquainted with the relevant documents of the EU.
The so-called European Foundation for the future (European Future Fund), according to the plans of Brussels, to be financed by the member countries to invest in leading industrial groups and companies that can compete, in particular, with such corporations as Google and Apple, and Alibaba, the world’s largest platform for online trading.
The formation of such a Fund, as the newspaper notes, would be a response to calls by France and Germany “to create such tools offensive industrial policy” that would protect European businesses from unfair competition, particularly in subsidies.
The authors of the project also indicate that companies outside the EU “have unprecedented financial resources that they are able to deliver a crushing blow to innovation the dynamics of EU industrial position of the community in certain sectors”. We are talking primarily about such overseas technology giants like Google, Apple, Facebook and Amazon, as well as China’s Baidu, Alibaba and Tencent, dictating conditions in the global digital industry.
“In Europe, such companies, — stated in the EU documents. — This creates a risk for economic growth, jobs and Europe’s influence in key strategic sectors.”
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