The European Commission published its update of the “2020 New Industrial Strategy: Building a stronger Single Market for Europe’s recovery”. It aims at learning lessons from the COVID-19 crisis, strengthening the EU’s economic resilience and accelerating the climate neutrality and digital transitions.

The updated Strategy reaffirms the priorities set out in the March 2020 Communication, published the day before the WHO declared COVID-19 a pandemic, while responding to the lessons learned from the crisis to boost the recovery and enhance the EU’s open strategic autonomy. It proposes new measures to strengthen the resilience of our Single Market, especially in times of crisis. It addresses the need to better understand our dependencies in key strategic areas and presents a toolbox to address them. It offers new measures to accelerate the green and digital transitions. The updated Strategy also responds to calls to identify and monitor the main indicators of the competitiveness of the EU economy as a whole: single market integration, productivity growth, international competitiveness, public and private investment and R&D investment.

The SME dimension is at the core of the updated Strategy with tailored financial support and measures to enable SMEs and start-ups to embrace the twin transitions.

LPK as the voice of Lithuania’s Industry appreciates that the European Commission did this important stock taking exercise to update its 2020 Industrial Strategy.