Europe is embarking on a transition towards climate neutrality and digital leadership. The European industrial strategy to be launched in the Spring of 2021 aims to ensure that European industry can lead the way as we enter this new age. The initiative is backed up by EU COVID Recovery Fund, which will invest €750 billion in rebuilding the European economy.
The strategy consists of three drivers will transform our industry, support our small and medium-sized enterprises (SMEs) and keep Europe sustainable and competitive.
● Green transition, supported by the European Green Deal
● Digital transition, supported by the EU’s digital strategy
● Competitiveness on the global stage, where Europe will leverage the influence of its single market to set global standards
With this unique initiative Europe is addressing the twin transition into a green and digital future, the updated industrial strategy will include reflections on strategic dependencies of the European economy. A process similar to supply chain review started under the Biden Administration. This discussion will outline the multitude of issues that merit a transatlantic discussion and outline specific areas ripe for a closer cooperation.
The strategy also aims to unleash the potential of SMEs, which are essential to Europe’s competitiveness and prosperity. SME’s will be supported by:
● encouraging innovation through new funding and digital innovation hubs as part of the sustainable and digital transitions
● cutting red tape by reducing barriers within the Single Market and opening up access to finance
● allowing better access to finance by setting up an SME Initial Public Offering Fund (with investments channeled through a new private-public fund) and the ESCALAR initiative (a mechanism to boost the size of venture capital funds and attract more private investment)
On all three fronts there will be opportunities for US and European investors to get involved.
● Kerstin Jorna, Director-General of the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs
● Duncan Caird, Managing Director, Head Infrastructure, Energy & Export Finance, HSBC
● Thomas Barrett, Chairman, OECD INFRASTRUCTURE FORUM, and Senior Fellow Global Economy Development Program, BROOKINGS INSTITUTION
● Additional Panelist TBA