The EU took a major step Thursday towards tightening its scrutiny of foreign takeovers in strategic sectors like communications and artificial intelligence amid concern about investment by China. Under a proposal adopted by the European Parliament, EU countries would supply information on foreign investment to other members if public order or security are concerned.
"We must defend Europe's strategic interests," European Commission chief Jean-Claude Juncker said as he welcomed the vote passing in the assembly in Strasbourg, France. "And for that we need scrutiny over purchases by foreign companies that target Europe's strategic assets," Juncker said, while insisting Europe will remain open to investment.
The parliament said it now expects European Union countries on March 5 to endorse the rules it adopted by 500 votes for, 49 against and 56 abstentions. They would take effect 18 months later. They aim to protect sectors like energy, transport, communications, data, space and finance as well as technologies such as semiconductors, artificial intelligence and robotics. European Parliament negotiatiors added sectors such as water, health, defence, media, biotechnology and food security.
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