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Today’s discussion in the European Parliament, which I am organizing together with Mady Delvaux-Stehres and Teneo Cabinet DN, on the development and impact of artificial intelligence and economy based on large data sets for the future of the EU in the field of better health care, safer transport, sustainable agriculture, threats on the labor market as well as the issue of existing legislation in this area. The accelerated development of this sector in the world requires a wide open discussion about how to use and develop artificial intelligence, without neglecting ethical issues and respecting fundamental rights.

It is clear and obvious how important the development of data economy is.

We need to exploit the potential of artificial intelligence (AI). While AI is becoming an essential driver of future growth and job creation, 83% of external investment in AI is absorbed outside the EU. In 2030, AI’s contribution to the global economy will reach €13 trillion. If the EU does not prepare and adapt now, this will lead to a major setback for innovation and job creation in Europe.

Firstly, we need to understand the significance of the data economy for the users as clients, consumers, citizens, patients, residents of the communities. The data processing models and usage of the algorithms and AI in some cases can bring to us – much more personalised services and products. So, there are many current and future advantages for us resulted from the data economy.

Secondly, it requires the proper conditions for the data collecting, using and re-using, storing, transferring. Those conditions as the rules should be balanced and based on the one hand on the privacy and security protection principles, and on the other – on accessibility of data for business and users, if they want and need under legitimate reasons. The trust is the gold in this new era of the data economy.

Cross-border data flows amount to 13-16% in Europe, as a percentage of all data traffic. Keeping data imprisoned within national boundaries will hurt the growth and innovation potential of Europe.

A harmonised, risk-based and progressive EU data protection framework would increase trust and support the path of data driven innovation in Europe, thereby ensuring the completion of the Digital Single Market and increased productivity of European based businesses.

Building the trust is crucial – finally it requires the common work and cooperation between all stakeholders. It could be – in many areas – the some kind of the partnership.

Thirdly, there is no possibility to develop the data economy without the awareness of the key problems related to the privacy protection and security threats. We have the public dimension of this awareness and the individual one. The broad understanding of the digital literacy is one of the most important factors for future development. It is especially important to build this kind of the digital literacy. The digital literacy can support our participation in the data economy solutions. In addition – can make much easier our contact, communication and cooperation with all our partners in the digital relationships.

Fourthly, we are living in the time, when the innovation based growth and development is essential. There is no possibility to innovate all sectors of the economy and innovate many areas crucial for our everyday life – without the data (personal and non-personal) and the data processing. The data based innovation requires the data accessibility, the free flow of data rules, and the possibilities for the data computing. We need the new 5G infrastructure (the network of networks – the Very High Capacity Networks) in Europe allowing for transferring the big packages of data. At the same time, we need to develop the High Performance Computing Centres and their network in Europe with proper networks of the clouds.

Ambitious rule-making and intense investment on spectrum and on connectivity are vital. If Europe were to invest €56.6 billion on 5G, it would create 2.3 million jobs and generate €113.1 billion benefits per annum by 2020

Fifthly, all those objectives are possible to be achieved in the European Union. However, there are two conditions. First, it is crucial to overcome the fragmentation at the Digital Single Market. Therefore, we need the digital Member States Community; the second, we need to have the stronger cooperation of all stakeholders at the European level, also – the national levels.

Sixthly, reinforce cybersecurity capacity by further combining and coordinating efforts across Europe. It is estimated that an average of €265 billion is lost in Europe due to cybercrime. More collaboration among Member States and with the industry is needed to define and implement a secure cyber framework.