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Investing in technology could help Europe

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Investing in technology could help Europe

European governments should consider encouraging overseas businesses to make cheap international money transfers to invest in the region's technology firms.

Speaking with the BBC World Service Business Daily, Andrew Edison, head of AT&T Europe, Middle East and Africa, said that technology investment could help the flagging European economy.

"If you look at the US, the US industry is spending around 30 per cent of GDP in technology investment," he explained.

"The UK is up there as well, we are in the high 20s, but if you look at some of the other countries in Europe, Spain and Italy, the investment level is more around the ten per cent mark."

According to the expert in telecommunication services, there is a good case to be made that these countries should prioritise investment in technology to catch up with rivals.

"Essentially we see technology helps companies and industry become faster and produce more, and also get more out of the labour force," Mr Edison commented.

"Examples would be technology that helps companies collaborate and bring people together, speed up market research, speed up product development, and speed up time to actually deliver output."

He pointed out that the outlook for the eurozone is unclear, with problems in Greece, Italy and Spain, but the region can bolster itself by focusing on productivity through technology.

The expert concluded: "Investment in technology is going to be a critical part of the answer in driving growth back into Europe."

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