According to President Emmanuel Macron, foreign and domestic companies in France have agreed to invest a total of €109 billion ($113 billion) in artificial intelligence projects in the country. The investment is part of the European country’s plan to become a competitive hub for AI development,

French President Emmanuel Macron said on Monday that his country will receive $112.6 billion in private investments to boost its artificial intelligence sector.

French President Emmanuel Macron today announced an investment initiative that will inject €109 billion, or $112 billion, into the country’s artificial intelligence ecosystem.