The European Union sees industry as a key pillar of economic growth and security in a time of global instability. Despite a series of crises – the Covid-19 pandemic, Russia’s full-scale war against Ukraine and the energy shock – industry remains the backbone of the EU economy. In today’s world, economic strength is directly linked to security. A stronger and more productive European economy is not just an economic goal, it is a strategic necessity.
That is why competitiveness has become a central element of the European Commission’s policy. In particular, the Competitiveness Compass programme envisages regulatory simplification, which will allow businesses to save at least €15 billion annually.
Currently, the share of industry in the EU’s gross value added is around 16%, which is higher than similar figures in the US and the UK. At the same time, the sector has grown by around 7% since the start of the pandemic, with additional growth recorded in high-tech sectors – notably pharmaceuticals and electronics. Industry also plays a significant role in the labour market, with around 14% of employment in this sector. Employment in high-tech manufacturing has increased by 4.1% since the pandemic.
The European Commission is also preparing measures to reduce energy pressure, including proposals to reduce electricity taxes, modernise energy networks and improve the emissions trading system. Coordination is also underway with Member States on the use of strategic oil reserves.
In the long term, the EU is planning a structural transformation of the economy with an emphasis on renewable energy and electrification. At the same time, it is recognised that some sectors will remain dependent on fossil fuels for the time being, which requires strengthening energy independence.
As is known, the EU has recognized that it has lost ground to the US and China in global competition and needs to strengthen its own production base. To this end, a decision was made to launch a new industrial acceleration program - the "Industrial Acceleration Act".
Source: https://glavcom.ua/economics/finances/jes-robit-stavku-na-promislovist-jak-osnovu-ekonomichnoji-bezpeki-vikonavchij-vitseprezident-jevrokomisiji-1115015.htm
