EU officials have drafted a plan for a fund aimed at giving a leg up to European innovation and countering competition from companies in China and the United States.
The European Future Fund would support EU-based companies in rivalling dominant R&D players outside the EU, such as online tech and social media giants Google, Apple, Facebook, Amazon, Microsoft, Baidu, Alibaba and Tencent.
“The emergence and leadership of private non-EU competitors with unprecedented financial means has the potential to obliterate the existing innovation dynamics and industrial position of EU industry in certain sectors,” according to a 173-page document leaked to the news website Politico.
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