Šarec said that Germany and Slovenia had been closely connected for a long time, not only though economic cooperation but also similar mentalities.

Cooperation within the EU is key, as Europe has become slower in development compared to China, Russia, the US and India, said Šarec.

"Those who fail to follow trends and do not have a pro-active approach will not be successful," said the prime minister, noting that AI has become all-pervasive.

Gertrud Rantzen, the president of the chamber, said that people were somewhat scared of AI because most did not understand it and did not know what it would bring.

However, it is key that companies adapt to trends shaping the future of the industry, said Rantzen, expressing belief that the conference would provide a new insight in best practice in AI in both Slovenia and Germany.

Ambassador Riedel noted that AI was one of the most promising new technologies but also one that caused great concern. This technological revolution is unlike any other, affecting all aspects of life, he added.

AI is revolutionising industrial production and the logistics sector but it is also turning the market upside-down and might compromise social stability, according to Riedel.

It is key that Europe takes the lead in AI. But while countries like China are investing a lot of money in this field, Germany is more reluctant to take risks, said Riedel. However, this opportunity must be taken, and Germany and Slovenia could join forces to do this, he added.

Hosted by IEDC - Bled School of Management, the conference was organised in cooperation with the Jožef Stefan Institute, Slovenia's top research centre.