On January 29, 2025, the European Commission will present the 'Competitiveness Compass,' a proposal aimed at enhancing the EU's global competitiveness through advancements in artificial intelligence, biotechnology, and affordable clean energy.
The proposal outlines 29 measures and strategies to be implemented over the next two years, focusing on increasing productivity through innovation and sustainability in industry.
The document emphasizes the urgency for action, stating, 'Without an urgent shift in approach and direction, the future of the EU as an economic power, investment destination, and production hub is at stake.'
Key sectors identified for technological leadership include AI, advanced materials, biotechnology, clean energy, robotics, and space exploration.
This initiative aligns with recommendations from a report by former European Central Bank President Mario Draghi, urging coordinated industrial policy and massive investments to keep pace with the United States and China.
Additionally, the Commission plans to launch its Clean Industrial Deal by the end of February, which aims to reduce companies' sustainable reporting requirements by 25% and lower energy prices that are currently three times higher than those in the United States.
The EU executive will also review chemical regulations, promote AI factories, and address barriers faced by innovative startups seeking to scale up.