EU has prepared a billion-dollar fund to fund European technology companies

European Union officials are preparing to launch a fund that will be used to invest in technology companies that can compete with American and Chinese giants according to the Financial Times.

The report cites an internal document that speaks of a European Fund, which will invest 100 billion euros in European companies with high potential.

This is the most drastic step European authorities have taken in addition to encouraging the continent's companies to capture American and Chinese competitors.

The FT says the document cited American threats like Google, Apple, Facebook and Amazon and Chinese firms such as Baidu, Alibaba and Tencent.

“Europe does not have such companies,” was written to document. “This poses a threat to economic growth, the number of jobs and influence of Europe in strategic sectors. ”

Whether this proposal will receive the approval of European Union member states is unknown. Although Europe is behind the US and China as home to global technology companies, the region has taken a leading role in overhauling the industry.

Analysts expect Europe to maintain this harsh attitude toward technology giants when it comes to problems such as data privacy, competition and taxation.

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