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2. ICT Beyond Borders: The Integral Role of US Tech in Europe’s Digital Economy
- Author:
- Matthias Bauer and Dyuti Pandya
- Publication Date:
- 03-2024
- Content Type:
- Policy Brief
- Institution:
- European Centre for International Political Economy (ECIPE)
- Abstract:
- Contrary to political assertions about the vulnerability of digital services provided by non-EU companies, the strong presence and sunk costs associated with US tech companies’ investments in data centres, skilled workforce development, and research facilities in Europe act as significant barriers to exit, highlighting the inherent symbiosis between US tech investments and Europe’s digital and non-digital sectors. These investments underscore a mutual inter-dependency that strengthens European economies, making the notion of “sudden cessation” of digital services by US companies implausible. Corporate data show a significant investment gap of approximately USD 1.36 trillion between US and EU ICT companies, attributing a competitive edge to US firms due to their heavy investment in ICT, cloud solutions, and R&D. Forecasted increases in ICT investments by US corporations outline a benchmark beyond reach for EU businesses. The notion of EU firms aligning with this growth path is rather fantastical, as it would call for immense government investment, ultimately draining financial resources from essential public services, such as healthcare, housing, and environmental policies. Substantial ICT investments across EU Member States together with a long-term commitment to the European market present an opportunity for the EU to leverage US continuous technological advancements, underscoring the potential for transatlantic collaboration to drive the EU’s digital transformation and innovation. EU-US partnerships not only fuel the EU’s digital transformation but also align with shared political values, reinforcing the significance of transatlantic collaboration in shaping a competitive and innovative digital future.
- Topic:
- Communications, European Union, Digital Economy, Investment, and Information Technology
- Political Geography:
- Europe, North America, and United States of America
3. A Renewed Philippine-United States Alliance
- Author:
- Julio S. Amador III and Lisa Marie Palma
- Publication Date:
- 01-2024
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- The Biden administration should keep in mind that domestic politics bears considerable implications for the alliance. Regarding economic relations, the United States needs to remain committed to policies that diversify supply chains and create opportunities for business and investment projects in the Philippines.
- Topic:
- Economics, Bilateral Relations, Alliance, and Investment
- Political Geography:
- Philippines, Asia-Pacific, and United States of America
4. Mild Deglobalization: Foreign Investment Screening and Cross-Border Investment
- Author:
- Vera Z. Eichenauer and Feicheng Wang
- Publication Date:
- 03-2024
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- Openness to foreign investments is associated with risks. To mitigate these risks, many high-income countries have strengthened the control of foreign investments over the last decade in an increasing number of sectors considered critical. Investment screening distorts the market for cross-border investments in controlled sectors, which might lead to unintended economic effects. This is the first cross-country panel study to examine the economic effects of investment screening mechanisms. We combine deal-level data on cross-border mergers and acquisitions (M&A) for the period 2007–2022 with information on sectoral investment screening. Using a staggered triple difference design, we estimate a reduction of 11.7 to 16.0 percent in the number of M&A in a newly screened sector. The effects are driven by minority acquisitions and deals involving a foreign government or state-owned enterprises or US firms as investors. There is no reduction in the number of deals within the EU/EFTA, most of which are not subject to screening. The findings call policymakers’ attention to weighing the benefits of national security and the economic costs of introducing investment screening.
- Topic:
- Globalization, International Trade and Finance, National Security, Foreign Direct Investment, Investment, Geoeconomics, Global Capital Allocation, and Deglobalization
- Political Geography:
- China, Europe, and United States of America
5. US-India Economic Ties: To the Next Level and Beyond
- Author:
- Aparna Pande
- Publication Date:
- 10-2024
- Content Type:
- Special Report
- Institution:
- Hudson Institute
- Abstract:
- This executive summary outlines the key recommendations for policymakers that emerged from deliberations at the Takshashila Institution–Hudson Institute roundtable series “US-India Economic Ties: To the Next Level and Beyond.” Its recommendations are divided into four proposed areas for collaboration between India and the United States: trade and investment, ideas and human capital, technology, and methods and mechanisms.
- Topic:
- Economics, Science and Technology, Bilateral Relations, Investment, and Trade
- Political Geography:
- South Asia, India, North America, and United States of America
6. Tough Love and the Diplomacy of Foreign Assistance
- Author:
- Mark G. Wentling
- Publication Date:
- 05-2024
- Content Type:
- Journal Article
- Journal:
- American Diplomacy
- Institution:
- American Diplomacy
- Abstract:
- Providing aid to low and middle-income countries (LMIC) is at the heart of our relationships with those countries. The concept is that needy countries on this list of 132 LMICs, particularly the 45 Least Developed Countries (LDCs) in the bottom range of this list, require external aid for their development. However, almost all the countries on the LMIC list are the same as they were over 30 years ago, and they are no closer to graduating into a higher income category. It is highly doubtful if any LMIC will achieve the UN’s Sustainable Development Goals set for 2030. This raises several fundamental questions about the return on the US government’s investment. What are the cost-benefit and recurrent costs analyses? Do the returns justify the investment of the USG’s human resources and funding amounts? Is USG assistance contributing to modifying the host country’s behavior so that it is more favorable to US interests? Basically, is the activity worth USG resources?
- Topic:
- Development, Diplomacy, Investment, and Foreign Assistance
- Political Geography:
- Global Focus and United States of America
7. U.S. Investment in the Philippines: More Than Meets the Eye
- Author:
- Japhet Quitzon and Gregory B. Poling
- Publication Date:
- 10-2024
- Content Type:
- Policy Brief
- Institution:
- Center for Strategic and International Studies (CSIS)
- Abstract:
- The size and scope of U.S.-Philippine economic cooperation is well documented; however, the quantitative and qualitative impacts on the Philippines are poorly understood. Without comprehensive, accurate, and easily accessible data on U.S. investments and their effects in the Philippines, malign actors may promote false or harmful narratives, thereby weakening public support for the U.S.-Philippine alliance. It is crucial for the United States to improve public awareness and understanding of its economic and investment activities in the Philippines.
- Topic:
- Bilateral Relations, Investment, and Economic Cooperation
- Political Geography:
- Philippines, Asia-Pacific, and United States of America
8. Catch-up with the US or prosper below the tech frontier? An EU artificial intelligence strategy
- Author:
- Bertin Martens
- Publication Date:
- 10-2024
- Content Type:
- Policy Brief
- Institution:
- Bruegel
- Abstract:
- European Union policymakers want to close the artificial intelligence innovation gap with the United States, as a way to accelerate lagging productivity growth. The EU focus is on expanding an existing supercomputer network with more AI hardware and computing infrastructure, with taxpayer support. However, this computing infrastructure is not adapted to AI modelling. The cost of catching up with leading big tech AI computing centres is already prohibitive for EU budgets, and is set to become even more so. The hardware focus overlooks missing EU markets for complementary services that are required to set up a successful AI business: large-scale business outlets for frontier generative AI models to generate sufficient revenues to cover huge fixed model training costs, hyperscale cloud-computing infrastructure and private equity financing for AI start-ups. In the absence of (or with insufficient) complementary services markets in the EU, start-ups are forced to collaborate with US big tech firms. Injecting taxpayer subsidies to make up for these missing markets may further distort EU markets. Regulatory compliance costs, including uncertainty about the implementation arrangements for the EU Artificial Intelligence Act, add to market problems. The EU should address a wider range of market failures in its policy initiatives. It should strive to increase productivity growth below the AI technology frontier, by facilitating investment and applications of AI-driven services produced by derived and specialised generative AI models, or AI-applications that build on top of existing generative AI models. Building these below-frontier AI applications requires far less computing capacity and less heavy investment costs. Promoting the uptake of AI application services across a wide range of industries can substantially stimulate productivity growth. That requires a razor-sharp focus on pro-innovation guidelines, standards and implementation provisions for the EU AI Act, shortening the Act’s regulatory uncertainty horizon as much as possible, and facilitating collaborations between EU AI startups and big tech companies. Widening and deepening the EU private equity and venture capital market would also be very helpful.
- Topic:
- Markets, Science and Technology, European Union, Investment, and Artificial Intelligence
- Political Geography:
- Europe and United States of America
9. West and China Compete for Tech Influence in Arab Persian Gulf States
- Author:
- Sara Nowacka
- Publication Date:
- 05-2023
- Content Type:
- Working Paper
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- New technologies are an increasingly important element of the Sino-American rivalry in the Persian Gulf. China has become the preferred partner in this area due to, for example, the dominant role of government (vs. private) investment in the technology sector in both China and the Gulf states. The intensification of cooperation between the Gulf Cooperation Council (GCC) and China in the field of new technologies may increase the influence of authoritarian states in setting technological standards.
- Topic:
- Science and Technology, Authoritarianism, Investment, Rivalry, and Gulf Cooperation Council
- Political Geography:
- China, Middle East, United States of America, and Gulf Nations
10. U.S. Re-Focuses Arctic Policy-The Consequences for Its Allies
- Author:
- Paweł Markiewicz
- Publication Date:
- 03-2023
- Content Type:
- Working Paper
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- The Biden administration is increasing the U.S. capabilities in countering the effects of climate change in the Arctic, an aim overlapping the rivalry with Russia and China in this region. The U.S. announced increasing investments in infrastructure projects and defence, for example, modernising the Coast Guard’s Arctic fleet. The planned measures provide an opportunity for closer American cooperation with their allies and may mark the beginning of a regional division of labour in the area of shared defence.
- Topic:
- Climate Change, Infrastructure, Investment, and Rivalry
- Political Geography:
- Russia, China, Arctic, and United States of America