On Tuesday 10 March, the European Commission has announced its plan for a renewed industrial strategy to bolster the EU’s competitiveness. The American Chamber of Commerce to the EU (AmCham EU) is encouraged by the focus on an integrated approach that promotes industrial innovation and recognises the importance of value chains.
US business in Europe supports integrated EU industrial strategy
On Tuesday 10 March, the European Commission has announced its plan for a renewed industrial strategy to bolster the EU’s competitiveness. The American Chamber of Commerce to the EU (AmCham EU) is encouraged by the focus on an integrated approach that promotes industrial innovation and recognises the importance of value chains.
AmCham EU has identified four priorities for a successful EU industrial strategy that require coordinated policy actions, supported by concrete tools and assessed against measurable targets, both at EU and national levels:
Digitising European industry: fostering investment and innovation in people, technologies and processes
Creating the right environment for a clean future
Accelerating the EU circular economy
Reinforcing the rules-based trading system and reinvigorating the transatlantic partnership
Susan Danger, CEO, AmCham EU, said: ‘An industrial strategy can only be successful if it pulls together the different strands of the economy. The Commission’s approach has the potential to reinforce the EU’s leading role on the world stage.’ She went on to say: ‘In order to support initiatives such as the European Green Deal and the Digital Strategy, the EU needs to remain competitive globally. Innovation and investment are essential to drive the climate transition and digital transformation.’
The Single Market is critical to European jobs and prosperity. As recognised in the strategy, the Commission and Member States need to work together to overcome its fragmentation. The Single Market remains the main driver of foreign direct investment into Europe.
AmCham EU’s key recommendations and vision for industry in the EU are available here.
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