At a meeting in Bilbao, European industry and internal market ministers proposed measures to reduce risks and encourage investment in Europe. The aim is to prevent “investors fleeing Europe” and to maintain the competitiveness of European companies both in the internal market and worldwide.
EU Justice Commissioner Didier Reynders explained that analyzes of more than 5,000 critical products were carried out in order to promote the European Union’s strategic autonomy and reduce dependence on third countries. These products range from raw materials to cloud technologies to pharmaceuticals. The analysis provides fundamental information to identify areas where resilient and strategic value chains can be built.
In addition, measures have been taken to protect European industry from market distortions and to strengthen domestic production and manufacturing capacities for strategic products. To this end, it strives to create a stable regulatory framework, especially in the area of clean materials and critical raw materials. These measures go hand in hand with facilitating public investment and reducing investment risk.
Commissioner Reynders has highlighted the importance of promoting a sustainable, circular economy and protecting fundamental rights in the supply chain. Funding and the strategic platform for companies that produce strategic technologies were also discussed.
For his part, the Minister of Industry, Commerce and Tourism, Héctor Gómez, stressed the need to work within the framework of the reindustrialization of the European Union and on important objectives related to critical raw materials, energy and the impact of next-generation funds in the sector. The challenges of making Europe a competitive area were also addressed and the promotion of trade agreements at the EU-CELAC meeting was mentioned.
Gómez stressed the need to strengthen the internal market and achieve a stronger and more autonomous Europe. There is consensus among member countries to work in this direction. During Spain’s rotating presidency, the contributions discussed at this meeting will be presented to the informal council to be held in Granada in October.
In short, European industry and internal market ministers have proposed measures to reduce risk and encourage investment in Europe. More than 5,000 critical products were analyzed to promote EU strategic autonomy and reduce dependencies on third countries. The aim is to build resilient and strategic value chains, protect European industry from market distortions and strengthen the production and manufacturing capacities of strategic products. These measures go hand in hand with the promotion of a sustainable circular economy. The ultimate goal is to prevent investors from fleeing Europe and to remain competitive on the world market.