EU plans to boost industry to 20% of Europe's economy
- 10 October 2012
- From the section Business
The European Commission has outlined plans to reindustrialise Europe so that 20% of its economy will come from industry by 2020, up from 16% now.
The commission says the EU needs its real economy now more than ever, to underpin growth and boost jobs.
Over the past decades, European companies have moved production to cheaper, developing countries.
It now says it needs to explore ways of boosting EU manufacturing or future competitiveness will be compromised.
The commission hopes to improve the EU's performance in industry by helping to iron out differences within the 27-country single European market that hinder the free movement of goods.
Its says too much of the internal market is regulated either by national technical regulations or not at all.
The commission plans to improve financing for small and medium-sized companies by making it easier for private investors to back them.
One of the sectors it hopes to expand is clean technology, where it says Europe has a dominant world market share in automatic waste separation, where materials can be sorted and recycled by machine.