The European Commission recently announced that Croatia has become the last Member State to sign the Declaration of Cooperation on Artificial Intelligence. As discussed in our recent blog, the Declaration commits all Member States to cooperate on an EU wide AI strategy.

The EC’s strategy is part of a wider programme to develop digital skills and to invest heavily in research and innovation. Part of that strategy will involve coordinating funding across Europe to create synergies. The EC has recognized that AI is an area where you must invest to see results and has proposed a budget of €2.5 billion to assist with the adoption of AI across Europe.

This commitment highlights widespread recognition of the important role that AI will play for all companies in the coming years. AI has the potential to give a competitive advantage to those companies that adopt it and to transform many industries, including in the products space.