EU Council outlines new industrial strategy
June 10, 2024
Council sets ambitious goals for green, digital, and resilient industrial future.
The EU Council, spearheaded by the Belgian presidency, has adopted conclusions on “A competitive European industry driving our green, digital and resilient future.” The conclusions emphasise the need for a robust European industrial policy to enhance competitiveness, innovation, and sustainability, laying the groundwork for a new European competitiveness deal.
Flemish Minister Jo Brouns remarked, “The Union’s ambitious goals for digital leadership and climate neutrality offer important opportunities for building industrial leadership and creating high-quality jobs.”
The conclusions call for prioritising areas critical to the EU’s economic security amid significant technological and geopolitical shifts. Europe’s industry, confronted with challenges like rising global competition and crises such as the COVID-19 pandemic and the Russian war of aggression against Ukraine, needs a resilient manufacturing base to boost innovation, productivity, and growth.
Key recommendations include improving innovation, access to finance, and the business environment for manufacturers. The conclusions advocate for strategic priorities in industrial research, bridging the ‘innovation paradox’, and enhancing financing through public and private instruments. Emphasis is placed on the advancement of the Capital Market Union and leveraging existing tools like the European Investment Bank.
Furthermore, the Council stresses the importance of a well-functioning single market, sustainable energy, a skilled workforce, and a robust trade policy. The proposed comprehensive industrial policy aligns with the EU’s green and digital agendas, building on the 2020 industrial strategy, the 2021 Green Deal industrial plan, and recent legislative efforts.
This strategic framework aims to ensure the EU’s long-term competitiveness, prosperity, and leadership on the global stage.
Categories : World Focus
Tags : Business Competitiveness EU Innovation Sustainability Technology
