AI (Artificial Intelligence) letters and robot hand are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FRANKFURT (Reuters) -Bosch CEO Stefan Hartung warned on Wednesday that Europe risks hindering its progress in artificial intelligence compared with other parts of the world through over-regulation.
"Europe is unnecessarily delaying its AI future with excessive regulation," said Hartung at a tech conference the German firm is hosting in the south-western city of Stuttgart.
Bosch, which holds most of the AI patents in Europe, plans to invest an additional 2.5 billion euros ($2.90 billion) by the end of 2027 in the field.
The German car parts supplier is working on AI solutions for autonomous driving and more efficient industry systems, among other applications.
The combination of bureaucracy and strict, but also vague, requirements makes Europe comparatively less attractive, said the CEO.
Hartung recommended that lawmakers limit themselves to a framework covering only the most important points.
Otherwise "we will regulate ourselves to death, because we are trying to regulate against technological progress," he said.
Pressure to keep up in the race to develop AI has grown since U.S. President Donald Trump announced a private sector investment of up to $500 billion to fund infrastructure for AI in January.
The EU shortly after unveiled plans to mobilise up to 200 billion euros for the sector.
($1 = 0.8618 euros)
(Reporting by Ilona Wissenbach and Hakan ErsenWriting by Miranda MurrayEditing by Rachel More)
