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In April, Italy became the first Western country to block artificial intelligence (AI) chatbot ChatGPT over privacy concerns. The move was followed by several other countries in the European Union (EU), which eventually led to OpenAI CEO saying that the AI company could “leave Europe” due to regulatory crackdown. Now, the country’s government is planning to set up an investment fund to promote startups investing in AI.
According to a report by news agency Reuters, cabinet undersecretary Alessio Butti has said that the fund is backed by state lender Cassa Depositi e Prestiti (CDP). In a statement, Butti said that the upcoming vehicle will “promote study, research and programming on AI in Italy.”
Why Italy is planning for the AI fund
“The government is looking at developments in artificial intelligence, an area where a balance must be struck between human rights and technological evolution. We aim to increase the independence of Italian industry and cultivate our own national capacity to develop expertise and research in such a strategic sector,” Butti was quoted as saying.
As per the report, the country is planning to designate an amount of around 150 million euros ($165 million) to launch the fund. CDP is expected to invest its own resources in the scheme through CDP Venture Capital. This fund has around 3.2 billion euros in assets under management.
The unbridled spread of AI and automation along with the speedy development of tools like ChatGPT have caught the eye of regulators and officials across the world. Several experts have suggested that new regulations are needed to govern AI as it has the potential to impact national security, education, as well as jobs. Moreover, countries like the US, India and member states of the EU have already started drafting laws to regulate AI.
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The EU is expected to be the first region in the world to draft a set of rules that will govern AI. Once the law has been implemented, companies that have adopted generative AI tools (like ChatGPT) will have to disclose any copyrighted material that has been used to develop their system.
EU officials reached a consensus on the draft of the bill earlier this month. This draft will be debated between the representatives of the Parliament, the Council and the Commission before the details of the bill get finalised.
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