Feb 1 (Reuters) - Europe needs to protect its own industries with a "Made in Europe" strategy, EU industry chief Stephane Sejourne said in a newspaper article published on Sunday, co-signed by over
EU Industry Chief Advocates for a 'Made in Europe' Initiative
The Need for a 'Made in Europe' Strategy
Feb 2 (Reuters) - Europe needs to protect its own industries with a "Made in Europe" strategy, EU industry chief Stephane Sejourne said in a newspaper article published on Sunday evening, co-signed by more than 1,100 CEOs and other business leaders.
Challenges and Support for Local Manufacturing
"Without an ambitious, effective and pragmatic industrial policy, the European economy is doomed to be just a playground for its competitors," Sejourne said in the article that was published in newspapers across Europe.
Comparative Global Strategies
"We must establish, once and for all, a genuine European preference in our most strategic sectors," the French member of the European Commission said.
Impact on European Economy
Sejourne’s opinion piece comes ahead of the proposed implementation of the Commission's Industrial Accelerator Act later this month, which will likely set requirements to prioritise locally manufactured products.
The proposal is an attempt to boost European industries in the face of cheaper imports from China, but has split EU countries.
Governments including France are championing the idea, but others, including Sweden and the Czech Republic, warn that "buy local" requirements could deter investment, raise prices in government tenders and hurt the EU's competitiveness globally.
Sejourne said Europe's best answer "can be summed up in three words": 'Made in Europe'.
"The Chinese have 'Made in China', the Americans have 'Buy American', and most other economic powers have similar schemes, that give preference to their own strategic assets. So why not us?" he said.
"Whenever European public money is used, it must contribute to European production and quality jobs."
(Reporting by Bart Meijer, additional reporting by Foo Yun Chee and Julia Payne; Editing by Cynthia Osterman and Lincoln Feast.)
