The European Union (EU) is stepping up efforts to attract more venture capital to the technology sector to compete with the rapid pace of innovation in the United States and China. On October 21, EU Commissioner Iliana Ivanova announced the launch of the “Trusted Investors Network” during a meeting with Greek Prime Minister Kyriakos Mitsotakis. The initiative aims to support investments and startups in the technology sector across the EU.

The “Trusted Investors Network” focuses on attracting venture capital investments in areas such as semiconductors for biotechnology and artificial intelligence development. According to Reuters, the EU has brought together 71 investors from across the continent, with more than €90 billion in assets committed to the initiative.

Ivanova highlighted the development in a series of posts on the X platform. She said the EU is joining forces with investors to support deep-tech startups and scale innovation. These venture capital deals are in line with the European Central Bank’s proposal to invest faster and larger in the technology sector.

The EU continues its efforts to provide comprehensive and adequate regulations for the technology sector. These guidelines are believed to help companies and developers exist and innovate safely. Recent efforts include the EU Artificial Intelligence Act and the Crypto Assets Market Regulation (MiCA).

The launch of the “Trusted Investors Network” in Greece highlights the country’s growing role in technology and innovation. The Dronamics project, supported by the EU Innovation Council, has introduced the region’s first cargo drone airline in Greece. In addition, a new AI data center worth $330 million will open in November, with investment from Paris-based company Data4.

What do you think of these developments? We welcome your comments.