For BusinessEurope, meeting Europe’s huge investment needs requires first and foremost to improve the EU attractiveness as a location for private investment.
We are meeting just before a very important European Council meeting, which will discuss how to enhance competitiveness in the light of the Letta and Draghi reports. Both raise alarming signals about Europe’s declining competitiveness.
The next 18 months will be crucial to give clear signals to European companies and foreign investors. The content of the future new Clean Industrial Deal has to include a first set of concrete and ambitious measures.
For BusinessEurope, meeting Europe’s huge investment needs requires first and foremost to improve the EU attractiveness as a location for private investment.
Companies are drowning in complexity and over-regulation stifles technological development. The EU must simplify the lives of SMEs and innovative enterprises in order to unleash the benefits they can bring to society.
A reboot in EU policies is needed and the fact that all Commissioners’ mission letters ask them to contribute to putting in place the conditions for companies to invest in Europe is an excellent starting point.
BusinessEurope identified a series of actions which can be taken swiftly at EU level.
Firstly, taking decisive measures to reduce the gap in energy costs differential with our main competitors is key. For example by:
• increasing renewable and low-carbon energy deployment in the least-costly locations,
• broadening the scope of industries considered at risk of investment leakage and reducing the exposure of industrial consumers to rising costs for energy infrastructures, and
• speeding up approval and permitting procedures (for example by introducing a time-limit on Environmental Impact Assessments).
Secondly, delivering the promised 25% reduction in reporting requirements and simplification of the EU legal acquis is a must.
Thirdly, there is a huge untapped competitiveness potential in our Single Market. Designing an ambitious single market strategy for the removal of existing barriers to cross-border trade and investment by mide-2025 is doable.
On digitalisation and innovation too, there are things that can be done rapidly such as accelerating the introduction of regulatory sandboxes to allow companies to experiment and refocussing the EU framework for research and innovation (FP 10) on its initial purpose: fostering industrial innovation....
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