The European Union Relys On Private Funding To Stimulate Quantum Technology Ambidities

Head of EU Technology, Henna Vikkunen (photo: x @HennaVirkkunen)

JAKARTA The European Union seeks to attract private funding to strengthen its position in quantum technology and become a global leader in this area by 2030. This was conveyed by the Head of EU Technology, Henna Vikkunen, on Wednesday, July 2, when announcing EU Quantum Strategy.

Quantum technology is believed to be able to significantly increase data processing speed compared to conventional computing. According to McKinsey, this technology is expected to have an impact on the entire economic sector and is worth trillions of US dollars in the coming decade.

"We now have to focus more on private funding because we are already very strong in public funding," Virkkunen said at a press conference.

In the past five years, the European Commission and member states of the European Union have poured more than 11 billion euros (approximately IDR 210.5 trillion) into public funding for the development of quantum technology.

However, only 5% of the total global private investment in the quantum field has entered Europe. "Therefore, we will work specifically to encourage private funding in the next few months," said Vikkunen.

The European Union's Quantum Strategy also includes the inclusion of expertise and resources between countries in research, quantum infrastructure, as well as the development of start-up ecosystems and medium-scale technology companies. This strategy also highlights the use of quantum technology for dual purposes, including security and defense.

Virkkunen added that European quantum technology start-ups need special attention. "The quantum start-up in Europe is particularly vulnerable to being acquired by foreign entities or moving to other regions that have better funding. Therefore, we must act now," he said.

To strengthen this strategy, the European Commission will propose a new law called Quantum Act next year.