To prevent falling behind the United States and China, the European Commission has revealed its plans to invest €20billion towards artificial intelligence.

By 2020, the EU hopes that private and public investment in AI will reach at least €20billion to ensure the “bloc retains competitiveness”.

The institution’s incentive is to boost artificial intelligence for health, agriculture and transport, as well as ensure frameworks are in place for legal and ethical development.

“Just as the steam engine and electricity did in the past, AI is transforming our world,” said Andrus Ansip, Vice-President of the European Commission, to Reuters.

“Today, we are giving a boost to researchers so that they can develop the next generation of AI technologies and applications, and to companies so that they can embrace and incorporate them.”

The European Commission is also trying to take on Britain by becoming a leader in fintech after seeing that bitcoin and blockchain technology has become a “game changer” for financial services.

Written by Leah Alger