EU Launches Competitiveness Compass
The European Commission has introduced its new “EU Compass” strategy to close the gap between the EU, the U.S., and China in digital, technological, and sustainability sectors. The plan aims to accelerate innovation and position the EU as a global leader in future technologies, production, and sustainability solutions. It seeks to do so through increased investment in tech and sustainability and simplified regulatory requirements.
The strategy aims to:
- Strengthen the industrial sector while ensuring sustainability
- Increase state aid and loosening investment regulations
- Cut red tape to simplify regulations
- Enhance the EU’s digital and technological capabilities
- Establish the EU as a leader in innovation and future technologies
- Invest in research, green energy, and digitalization to create jobs, drive growth, and secure the EU’s long-term competitiveness.
Malthe Lohan, the CEO of AmCham EU, states, “Whether or not this [the competitiveness compass] moves the needle will only become clear once the roadmap is translated into concrete action.”