Ursula von der Leyen, incoming president of the European Commission, left, speaks during news conference at the European Parliament, in Strasbourg, France, on Tuesday, July 16, 2019.

European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in the Financial Times and Politico.

The reports, citing an internal document, said EU officials have drafted a document for a "European Future Fund" that would invest 100 billion euros ($110 billion) in "high-potential European companies."

The proposal would mark a drastic step from the EU to try to encourage companies within the continent to catch up with competitors from the U.S. and China. The FT said the document specifically named threats from U.S. tech giants Google, Apple, Facebook and Amazon and Chinese firms Baidu, Alibaba and Tencent.

"Europe has no such companies,'' the FT quoted the document as saying. "This presents a risk to growth, jobs, and to Europe's influence in key strategic sectors."