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The President of the LPK: Mistakes that were made in the industrial competition with China should not to repeat

2023 10 09
News

European Industry Days 2023 organized by the European Commission took place in Malaga on the 4-6th October. Several hundred representatives of European institutions, member states, business and science gathered at the event traditionally to discuss the fundamental challenges for European industry – the green transition and decarbonization goals, yet the EU internal market suffering from an energy shock, as well as the crumbling competitiveness of the European industry in the global economic and geopolitical context. Most of the strategic discussions revolved around the need to reduce the dependence of European industry on China, to focus on the strengths of EU industry and regional value chains, and the supply of critical raw materials.

LPK President Vidmantas Janulevičius, invited to the plenary discussion “Reloading Partnerships: Strengthening Strategic Autonomy and Rethinking Relations with China”, emphasized the need to learn and not to repeat the mistakes that the EU made in the industrial competition with China some years ago. V. Janulevicius reminded losing the EU’s silicon industry to China, thus now the timely focus and speed of the EU is needed. “The EU is not rich in fossil fuels, so dependence is programmed if we do not take appropriate actions. In 2022, EU countries imported fossil fuels from third countries for EUR 1.017 trillion per year. Paradoxically, if the EU now invests EUR 2.1 trillion in green energy, we could become independent from third countries in 2 years.”

“Closing the EU market to Chinese manufacturers is not an option. In the face of current challenges, it may be too painful to cut all established production and trade ties. But international trade must be based on fair competitive conditions. We have to become more careful and protect our market and our investments for the future. Particularly, we must protect our strategic sectors and technologies: advanced semiconductors, artificial intelligence, quantum technologies, biotechnology, defense and wireless power transmission technologies. European inventions and innovations in these areas must be and be implemented here and nowhere else. The same applies to European investments. Everything that is created with the help of European structural funds and other financing must be implemented and stay in Europe and must help to develop specifically European production in the long run”, – emphasized V. Janulevičius.

 

 

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