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Updated EU industrial strategy focuses on sustainable recovery

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Updated EU industrial strategy focuses on sustainable recovery

Margrethe Vestager - Photo © European Union 2021

(BRUSSELS) - The European Commission presented an updated Industrial Strategy Wednesday with a focus on sustainable economic recovery from the Covid-19 pandemic and on the building future resilience.

The updated Strategy reaffirms the priorities set out in the March 2020 Communication, published the day before the WHO declared COVID-19 a pandemic, while responding to the lessons learned from the crisis to boost the recovery and enhance the EU's open strategic autonomy.

"Today's updated Industrial Strategy is about making sure our industries are equipped to drive the digital and green transformations of our economy while ensuring the competitiveness of our industries, also in the context of the recovery from the coronavirus crisis," said EC vice-president Margrethe Vestager: "this requires new investments now – in people, in technologies and in the right regulatory framework that guarantees fairness and efficiency."

The EU executive is proposing new measures to strengthen the resilience of our Single Market, especially in times of crisis. It addresses the need to better understand our dependencies in key strategic areas and presents a toolbox to address them. It offers new measures to accelerate the green and digital transitions.

The updated Strategy also responds to calls to identify and monitor the main indicators of the competitiveness of the EU economy as a whole: single market integration, productivity growth, international competitiveness, public and private investment and R&D investment.

The SME dimension is at the core of the updated Strategy with tailored financial support and measures to enable SMEs and start-ups to embrace the twin transitions. The Commission intends to appoint Mr Vazil Hudák as the SME Envoy. His appointment is currently being finalised.

The Commission has also adopted the proposal for a Regulation on foreign subsidies distorting the Single Market. It is seen as a key element to deliver on the EU Industrial Strategy by ensuring a level playing field and by promoting a fair and competitive Single Market.

Communication 'Updating the 2020 New Industrial Strategy: Building a stronger Single Market for Europe's recovery'

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