Paris (dpa) - More than 60 well-known European companies have joined forces to form the "EU AI Champions Initiative" in order to promote the development and application of artificial intelligence (AI) in Europe. The aim of the initiative, which was presented at the international AI summit in Paris, is to tap into Europe's full potential in the field of AI in close cooperation between corporations and the tech industry, it was announced at the launch.

Participants include recognized European start-ups from the AI sector such as Helsing, Mistral AI and Dataiku as well as large companies from various industries such as Airbus, Dassault, Deutsche Bank, Lufthansa, Siemens and Volkswagen.

AI to give Europe's key sectors a boost

The aim is to integrate applied AI into Europe's industrial base to increase productivity, resilience and economic sovereignty, particularly in key sectors such as manufacturing, energy and defense. More than 20 major international investors have earmarked 150 billion euros for AI-related projects in Europe over the next five years, underlining the significant potential of AI in Europe.

German Chancellor Olaf Scholz believes that Europe could also invest hundreds of billions of euros in the development of artificial intelligence. "One thing is very clear: we need more investment in AI," said Scholz on the fringes of an SPD election campaign event in Schwerin. "This can also work well in Europe and especially in Germany." Studies have shown "that we are leading the world in research, in scientifically mastering the challenges associated with this new possibility of artificial intelligence".

Many of those who had worked on well-known AI models had been trained, researched and taught at German universities, said Scholz before attending the conference in Paris. It is therefore now a matter of ensuring that the private capital market is in a position to promote the growth of successful AI companies in Germany and Europe. "We have enough money in Europe to make investments worth hundreds of billions, as is the case in the USA. And these opportunities must now be exploited."

"Europe has all the essential ingredients for a resilient and competitive AI infrastructure: talent, capital and a strong industrial backbone with its own sales and data," said Jeannette zu Fürstenberg, Head of Europe at General Catalyst, which was entrusted with the groundwork for the "EU AI Champions Initiative". "With the commitment of over 60 leading European companies, we need to leverage these resources to unleash a working flywheel between technology, capital and policy."

Top politicians and companies discuss AI summit

In order to boost the use of artificial intelligence in Europe, the initiative also wants to work towards a drastically simplified legal framework for AI with the EU Commission. Initial talks on this should already be held between entrepreneurs and top politicians during the Paris summit. Representatives of the tech industry and participating companies also want to discuss accelerating the introduction of AI and creating AI infrastructures to improve value creation across the continent.

Around 1,500 participants from around 100 countries are meeting in Paris until Tuesday at the two-day International Action Summit on Artificial Intelligence (AI). Numerous heads of state and government as well as industry representatives and experts are taking part in the conference.