European companies don't cope with global competition with China and America because, in Europe, energy is more expensive, the level of regulation is higher, the market is more fragmented and European industrial policy has big, general objectives and few resources, said the executive director of the Concordia Employers' Confederation, Radu Burnete, at the BusinessEurope meeting of member confederations in Budapest.
"The message of European companies is simple. They do not cope with global competition with China and America because, in Europe, energy is more expensive, the level of regulation is higher, the market is more fragmented and European industrial policy has big, general objectives and few resources. We need more Europe, not less, but more Europe in a different way than before. If we do not radically change direction and do not make the European Union once again an attractive destination to develop business, in five years it will be too late to catch up in global competition," Burnete said, as quoted in a Concordia press release sent to AGERPRES on Monday.
BusinessEurope President Fredrik Persson said it was the time to activate the new European Competitiveness Pact, which would ensure that the European Union remained the choice of successful companies capable of creating quality jobs as part of the transition to a sustainable and digital economy, EU policies needing to be relaunched focusing on reducing over-regulation, open EU strategy, ambitious industrial strategy meant to complete Green Deal.
The Concordia Employers' Confederation participated, last week in Budapest, in the BusinessEurope member confederations' meeting, where the priorities of the business environment for the upcoming Hungarian Presidency of the Council of the European Union were discussed.
Concordia is a nationally representative social partner, bringing together companies with over 350,000 employees in 17 key industries for the economy, accounting for more than a quarter of Romania's GDP.
AGERPRES
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