EU Launches Competitive Compass to Revitalize Industry and Embrace New Tech

The European Commission unveiled plans to counter industrial decline by fostering competition with the US and China. Efforts include AI and clean tech advancements, reducing red tape, and enhancing public investment. The Competitive Compass outlines the legislative path for reviving established sectors and emerging industries over the next two years.

The European Commission has unveiled its Competitive Compass strategy to counteract industrial decline across the bloc, aiming to compete with global powers like the United States and China through technological advancements.

Highlighted within the plan are initiatives to reduce energy costs, slash bureaucratic red tape, and invest in key sectors such as AI, biotechnology, and quantum computing. A special focus is placed on established industries like steel and automotive, alongside emerging fields.

Critics, however, argue that the strategy neglects the critical need for increased public investment, referencing Mario Draghi's funding appeals. Business leaders and political figures urge swift, decisive action to avoid a 'slow agony' in economic stagnation.

(With inputs from agencies.)