…and China instead of Europe; as CEO Roland Busch
says: I cannot explain to my shareholders why I
am …
Siemens is not happy with European Union (EU) regulations related to artificial intelligence (AI). Europe’s biggest engineering company has reportedly threatened to direct a larger share of its AI investments away from EU countries toward the US and China. The company’s CEO, Roland Busch, cited Europe’s restrictive regulations as the reason for this decision. In an interview at the Hanover trade fair, Busch said that most of the company’s €1 billion ($1.2 billion) investment in industrial AI will be directed to the US due to Europe’s regulatory challenges, Bloomberg reported. “I can’t explain to my shareholders why I’m investing money in an environment where I’m being held back,” he said. Busch said that the EU’s AI Act and Data Act “miss the mark” by treating industrial AI the same as consumer applications, adding layers of oversight to areas already governed by sector-specific rules. “It’s complete nonsense to treat industrial and machine data the same way as personal data,” Busch added in the interview.
Read the entire article in the Times of India here