The European Commission has proposed measures to boost industry in Europe, which has been in decline since 2008, to secure job creation and economic growth.
The European Commission is calling for an “industrial renaissance” to create jobs and growth in Europe.
The plan includes measures to modernise European industry by investing in innovation, new technologies, skills and access to finance, accelerated by the use of dedicated EU funds.
It also suggests creating a more business-friendly Europe by simplifying regulations and developing easier access to markets outside the EU.
It is hoped that boosting European industry will further support job creation and economic growth.
Industry accounts for a quarter of private sector jobs and over 80% of Europe’s exports but has been in decline since the 2008 economic crisis, with 3.5 million jobs lost. The EU believes that reversing this trend is crucial to sustaining economic recovery.
Among its priorities are targeting investment towards key areas that are expected to grow, such as clean vehicles and “smart” electricity grids; making funding available; and improving the single market to encourage entrepreneurship and small businesses, for example, by protecting intellectual property rights.
The Commission is now calling on EU governments to adopt its proposals at their next summit.
The Commission's goal is for industry's share of GDP - currently 16 % - to hit 20% by 2020.