Europe must protect its own industries through a “Made in Europe” strategy, European Commissioner for Indusattempt Stephane Sejourne declared in an opinion article published on Sunday evening and signed by more than 1,100 company CEOs and business leaders, Reuters reports.
“Without an ambitious, effective, and pragmatic industrial policy, the European economy is doomed to become nothing more than a playground for its competitors,” Sejourne wrote in the article, according to Reuters. He added that Europe necessarys to establish “a genuine European preference in our most strategic sectors.”
“We, economic and political leaders, must toobtainher do what we have never dared to do until now, out of fear, ideology, or habit.
We must prioritise European goods in our strategic sectors. The principle is simple: whenever European public money is utilized, it must contribute to production in Europe and to the creation of quality jobs across the continent.
Whether through public procurement, state aid, or any other form of financial support, beneficiary companies should be required to carry out a substantial part of their production within Europe. The same logic should apply to foreign direct investment.
And we will do this in a distinctly European way. Without excessive bureaucracy, with proper assessment of economic impact, with the involvement of trusted partners, and in full respect of international law.
True to our DNA, we will maintain the necessary balance between Europe’s openness to its partners and the defence of its own interests, ensuring fair competition while protecting European indusattempt, ininformectual capital, workforce, and values.”
Sejourne wrote that Europe’s best response can be summed up in three words: “Made in Europe.” He argued that China has its “Made in China” strategy, the United States promotes “Buy American,” and most other major economic powers have similar schemes that prioritise their own strategic assets. “So why not us?” he questioned.
The opinion piece comes ahead of the implementation of the European Commission’s proposed Industrial Acceleration Directive, expected at the finish of this month, which is likely to set requirements prioritising locally manufactured products.
The proposal aims to support European industries in the face of cheaper imports from China, but has divided EU member states. Several countries, including France, back the initiative, while Sweden and the Czech Republic have warned that “purchase local” requirements could deter investment, raise prices in public procurement tfinishers, and undermine the EU’s competitiveness, according to Reuters.
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