Mubasher: EU officials are reportedly proposing a plan to launch a $110 billion sovereign wealth fund (SWF) to invest in European tech companies to enable them to keep pace with their US and Chinese rivals, a document showed, according to CNBC.

The document named a group of companies that pose a threat against European tech firms including Google, Apple, Facebook, Amazon, Baidu, Alibaba, and Tencent.

“Europe has no such companies. This presents a risk to growth, jobs, and to Europe’s influence in key strategic sectors, the document said.

European Commission’s chief spokesperson, Mina Andreeva, stated that president-elect Ursula von der Leyen did not see the said plan, adding that the document should be given “zero credence”.