On the eve of the Fourth Industrial Revolution, Europe faces a need to change its strategy to ensure its leadership role in the new digital age. China and the United States have been the two powers that have set the compass for technological progress on an international scale in recent years, and their rivalry has generated a battlefield in which unicorn companies have emerged as new stars, valued at more than $1,000 million. But of these, only Europe managed to boost 10% of those worldwide, compared to 70% represented by the Asian giant and the United States. All this was a topic of discussion at the meeting of Foro Futuro, an economic research observatory organized by five days Supported by Santander Group, which was held on Wednesday.
The technology debt of the old continent is greater: no European company is among the 20 most important digital platforms in the world. However, after the Covid-19 crisis, new hopes have emerged to change the bottom line. The pandemic has accelerated the digital roadmap, and with vaccination, Europe has at least regained its leading role in the biotech race alongside the United States. There is also good news in the field of 5G, a technology that will be a priority in the coming years and in which Europe is key in China, which is currently focusing on its leadership in 5G patents.
On Europe’s role in confronting the technological dominance of the United States and China, the debate on Wednesday focused on the digital schedule of Foro Futuro, the observatory of economic trends organized by CincoDías in collaboration with Banco Santander. And although the members of the committee agree that Europe is late to the party of the technological revolution, they also stress that there are still many tools to win the second half, especially with regard to sustainability where the European Union has a more decisive position regarding their opponents the United States and China .
The forum was attended by Aguida Para, an analyst of China’s geopolitical and technological environment. Chinese engineer and PhD in political science. Author of “China Roads to Power”. Santiago Carbo, Professor of Economic Analysis at the University of Granada and Director of Financial Studies at Funcas. Fernando Fernandez, Professor of Economics at IE Business School. Francisco Perez, Professor Emeritus of Economic Analysis at the University of Valencia and Director of Research at IVIE. It is run by Jose Antonio Vega, Director of Cinco Dias.