On 10 March 2020, the European Commission adopted the EU Industrial Strategy to support the twin transition towards climate neutrality and digital economy, improve the EU industry’s competitiveness, and strengthen Europe’s open strategic autonomy. The Industrial Strategy was updated again on 5 May 2021, showcasing how the vulnerabilities and dependencies of the single market laid bare during the Covid-19 pandemic.
Why is it important?
According to the New Industrial Strategy for Europe, industries make up more than 20% of the EU’s economy, providing around 35 million jobs directly and many millions more indirectly in other related sectors. It accounts for 80% of Europe’s export and is a significant factor in the EU’s status as the world’s leading provider and recipient of foreign direct investment. The new Industrial Strategy also highlights the importance of industry for communities and social cohesion and sets out the fundamentals for the industry, stressing that there is no one-size-fits-all solution; instead, all measures are interconnected and reinforce each other.
IMA-Europe welcomes the EU Industrial Strategy and is committed to supporting the economic growth of the minerals industry in line with circular economy and climate neutrality objectives. However, given the significant socioeconomic repercussion of reforms indicated in the EU Industrial Strategy requires close intervention of the different stakeholders.