European Industry Seeks Urgent Political Support

by | 20. Feb 2024 - 16:15 | Politics

73 players from a wide range of industrial sectors signed the Antwerp Declaration for an “Industrial Deal” on Tuesday. In it, they call for strengthening European industry, which is at risk of falling behind in international comparison. The declaration states that the sector accounts for almost eight million jobs and generates 550 billion euros. While the economy in the U.S., for example, could benefit from the financial support provided by the Inflation Reduction Act (IRA), sites in Europe are being closed and production reduced. One of the points that urgently needs to be addressed by politicians is securing the supply of raw materials. This could be achieved by expanding domestic mining, processing, and recycling capacities, combined with new global partnerships. The signatories include BASF CEO Martin Brudermüller, ExxonMobil Europe President Philippe Ducom, and the Director General of the industry association Eurometaux, Guy Thiran. According to the companies, the Industrial Deal is set to become a central item on the EU Commission’s 2024-2029 agenda.

Photo: iStock/saoirse_2010

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