Europe’s tech giants push for sovereign fund
A coalition of European companies proposes a “buy European” policy to stimulate demand and encourage local investment in key technology sectors.
More than 90 European technology companies and lobby groups, including Airbus and Dassault Systèmes, have called on European Commission President Ursula von der Leyen to establish a sovereign infrastructure fund.
In an open letter dated 14 March, they emphasised the urgent need for Europe to strengthen its strategic autonomy in critical digital infrastructure, from AI frameworks to semiconductor manufacturing.
The letter warns that Europe’s reliance on foreign technology creates security risks and weakens economic growth. It highlights the importance of public investment, particularly in capital-intensive sectors like quantum computing and microchips. The signatories also suggest a ‘buy European’ policy in government procurement to boost demand and encourage local businesses to invest.
Prominent supporters of the initiative include French cloud provider OVH Cloud, the European Software Institute, and the German AI Association. The appeal also reached EU tech chief Henna Virkkunen, as Europe faces increasing pressure to compete with major US and Asian technology powers.
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