Brussels, 18/07/2016 (Agence Europe) - EU economy and industry ministers, at their informal meeting in Bratislava on Monday 18 July, discussed two major matters: the lack of investment that is hurting innovative EU companies and mismatch between the skills of the European workforce and the expansion of the digital economy.
The Slovak Presidency of the Council scheduled two simultaneous thematic sessions for ministers: one on “Mobilising smart investments for transforming EU industry” and the other on the “Future readiness of the EU workforce”.
Lack of investment. The lack of investment occupied the major part of this informal meeting. The view expressed was that not enough investment was going into the European economy, particularly compared with the United States. Investment in research and development by European industry is only 40% of what American industry provides. According to a 2015 European Commission study, the EU would have to invest €335 billion to close the gap on the United States just in information and communication technologies (ICT).
The first obstacle to be overcome remains the banks' lack of appetite for investing in risky projects, which is what innovative projects, by definition, are, stated Industry Commissioner Elzbieta Bienkowska at the meeting. On this point, ministers underlined the importance of public-private partnerships along the lines of the European fund for strategic investments (EFSI). They pledged to improve the exchange of good practice within the framework of the existing “innovative hubs” and also to improve digital resources at both national and regional levels. Here, the commissioner highlighted the recent adoption of the Smart Specialisation Platform to support regions and member states in better defining their research and innovation strategies (EUROPE 11565).
Bienkowska does not intend to sit on her hands but wants to make access to investment, especially for SMEs, her priority over the coming months. At European level, industrial adaptation currently accounts for some €140 billion per year, the Slovak Presidency pointed out in its preparatory documentation. That represents a massive cost for small business for which the benefits only rarely come rapidly.
Lack of skills. The employment figures given by the commissioner speak volumes on the lack of skills. At the present moment, around one million posts remain unfilled in Europe because of the lack of digital skills. A certain improvement is expected with a fall to 700,000 unfilled posts by 2020 - a drop that is still not fast enough, the commissioner said. She drew attention to the Commission's recent business initiatives, including the new skills agenda (EUROPE 11525), to try to speed up the trend.
The Competitiveness Council in May was given over to the digitisation of the European economy, with the member states reaching agreement on the cross-border portability of services and the use of the ultra-high frequency band (EUROPE 11559). (Original version in French by Pascal Hansens)