Europe would continue falling behind global powers such as China and the United States unless it invested heavily in the Artificial Intelligence (AI) sector, according to European Affairs and Equality Minister Helena Dalli.
“We cannot keep falling behind,” Dr Dalli stated at the General Affairs Council in Brussels.
“The way we work nowadays will not be relevant in the future, so we need to be prepared. If not, there will be repercussions, not least on the workforce.”
Dr Dalli’s comments echo a recent survey by EY titled Building a Better Working Europe, which showed that 34 per cent of investors believe that Europe’s economic future will be shaped by the tidal wave of digitalisation.
However, the study also showed that labour market imbalances are widening, and recruitment to drive the digital transformation agenda is becoming increasingly difficult, with innovation and technology change happening faster than companies can hire the skills to adopt it.
The most alarming shortages are in digital skills, including AI (48 per cent), robotics (48 per cent) and cybersecurity (47 per cent).
More than one in four of the international investors surveyed by the firm highlighted the need for Europe to cultivate its digital economy, develop education and skills, and support SMEs.