MADRID, June 3 (Xinhua) -- The 15th edition of South Summit opened in Madrid on Wednesday, with speakers urging Europe to build a more competitive innovation ecosystem and embrace artificial intelligence (AI) as an opportunity rather than a threat.

Co-organized by IE University, this year's summit is themed "AI Convergence" and runs through June 5.

Speaking at the opening ceremony, South Summit founder and president Maria Benjumea said Europe must remove barriers that push startups to expand abroad.

"Artificial intelligence is not a threat, but an important tool for growth and efficiency," Benjumea said. "A startup born in Spain should see the whole of Europe as its natural market, rather than 27 fragmented borders."

She noted that AI-related projects now account for 61 percent of global venture capital investment, up from 30 percent three years ago, describing the shift as "a paradigm change."

Spanish Minister for Digital Transformation and Public Administration Oscar Lopez said Spain's economic growth reflects years of investment in digitalization and green transition policies.

"The OECD has just raised Spain's economic growth forecast from 2.1 percent to 2.2 percent while lowering expectations for other countries. This is not a coincidence," Lopez said.

The summit is expected to attract more than 20,000 attendees, around 4,900 startups and over 2,000 investors and corporate representatives during the three-day event. ■