Europe needs to reverse the declining role of industry for the 21st century with the aim to deliver sustainable growth, create high-value job and solve societal challenge that we face. Immediate action should contribute to reverse the current downward trend from its current level of 15.6% of EU GDP to as much as 20% by 2020.
Therefore the Commission proposes a number of priority actions to stimulate investments in new technologies, to improve the business environment, to access to markets and to finance, particularly for SMEs, and ensure that skills meet industry’s needs.
Europe's industry is well placed to assume this role: Europe is a world-leader in many strategic sectors such as automotive, aeronautics, engineering, space, chemicals and pharmaceuticals. Industry still accounts for 4/5 of Europe's exports and 80% of both Europe's exports and of private sector R&D investment comes from manufacturing.