A few days after Washington's
crackdown on artificial intelligence (AI) chips' exports, the
European Commission has published a recommendation urging
European Union member States to revise outbound investments of
their companies into non-EU countries.
The recommendation, the European executive said, applies to
three technological areas of strategic importance and at higher
risk: semiconductors, artificial intelligence and quantum
technologies.
Member States were requested to evaluate the risks for economic
security potentially deriving from such transactions.
The review of outbound investments will help decide if further
action is necessary, at a European and/or national level, to
deal with the selected risks.
The ultimate objective of the Commission, the executive said, is
to avoid for investments outside the EU to have a negative
impact on European economic security, guaranteeing that key
technologies and know-how don't end up in the wrong hands.
The European Commissioner for Trade and Economic Security Maroš
Šefčovič said the EU is and will remain among the leaders in
offering and attracting global investments.
However, said the commissioner, today's geopolitical situation
requires more in-depth understanding of "the potential risks it
can carry".
The review will last 15 months and will concern both ongoing and
past transactions, starting from January 2021.
The Recommendation on outbound investments builds on a White
Paper and subsequent public consultation, which confirmed the
need to assess potential risks to the EU's security related to
outbound investments.
It forms part of the EU's Economic Security Strategy, together
with ongoing work on inbound foreign direct investment
screening.
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