European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in the Financial Times and Politico.
EU officials have drafted a plan for a sovereign wealth fund that would invest 100 billion euros in "high-potential European companies," according to reports in the FT and Politico.
The proposal would mark a drastic step from the EU to try to encourage companies within the continent to catch up with competitors from the U.S. and China. The FT said an internal document specifically named risks from U.S. tech giants Google, Apple, Facebook and Amazon and Chinese firms Baidu, Alibaba and Tencent.
Ursula von der Leyen, incoming president of the European Commission, left, speaks during news conference at the European Parliament, in Strasbourg, France, on Tuesday, July 16, 2019.European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in the
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