The European Union (EU) is set to propose the creation of an advanced research projects agency, Bloomberg reported Thursday.

The new agency would be modeled after similar organizations in the United States and would invest strategically in critical technologies. This move is part of a broader effort aimed at enhancing the EU’s global competitiveness, according to the report.

Additionally, the EU intends to build a new consolidated supercomputing infrastructure specifically dedicated to artificial intelligence (AI), Bloomberg added.

These initiatives are components of a broader strategic plan that the EU is expected to publish in late January.

Alongside these proposals, the EU plans to introduce measures aimed at reducing regulatory burdens, improving access to funding, cutting energy costs, and decreasing reliance on critical raw materials, the report stated.