Moscow, August 23 — “News. Economy.” European Union officials have developed a plan to launch a sovereign wealth Fund to invest in companies that could compete with American and Chinese technology giants, said the Financial Times and Politico.

Photo: EPA-EFE/PATRICK SEEGER

EU officials have prepared a document on the creation of a “European future Fund”, which invested €100 billion for a “European company with high potential”.

This proposal will mark a decisive step by the EU to try to encourage company on the continent to catch up with competitors from the USA and China. As the FT notes, the document stated threats from the U.S. tech giants Google, Apple, Facebook and Amazon, as well as China’s Baidu, Alibaba and Tencent.

“In Europe, such companies do, — quotes the document FT. — This creates a risk for growth, jobs and Europe’s influence in key strategic sectors.”

It is unclear whether or not this proposal the support of the member States of the EU.

While Europe lags behind the USA and China by number of major technology companies, the region has taken a leading role in the regulation of the industry.

Analysts expect the EU officials will adhere to the tough stance against tech giants in terms of such issues as data privacy, antitrust and taxation.

As reported “Vesti. Economy”, France imposed a 3-percent digital tax on local revenue of major technology companies. The tax will affect firms whose annual revenue in the world exceeds €750 million, and in France — €25 million
It is intended to prevent multinational corporations from evading taxes by establishing a European headquarters in EU countries with low taxes. The administration of U.S. President Donald trump’s claims that the tax is unfair to American businesses.

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