engleski

The EU industry - analysis of key success drivers

The industry is acknowledged as the backbone of the European Union economy and is central to Europe’s future progress and prosperity. It employs almost 35 million people and makes up more than 20% of the EU’s economy. It accounts for more than 2/3 of the EU goods exports and represents 25% of the EU’s GVA. To maintain the position of a global leader in many industries, especially in high value-added products, the EU industry needs to adjust to the new industrial age challenges and opportunities. Therefore, it is essential to strengthening the industry’s ability to continuously adapt and innovate by fostering investment in new technologies and embracing the changes of increased digitization in all aspects of life, as well as the transition to a low-carbon and more circular economy. In 2020, the European Union published an ambitious industrial strategy to stay globally competitive. China, India, and the USA also positioned their industries at the top of its economic and political agenda. Welcoming a long-term vision for the EU’s industrial future, this paper analyses the EU industry position in the world economy, its economic importance, and the significance of five key drivers to achieve the Industry 2030 vision. The analysis points to the conclusion that the European Union needs a new type of governance to achieve set goals. Faced with mentioned challenging changes, Europe’s response should be faster and navigation in these skewed times demands some rethinking on the industry in transition.

industry, industrial strategy, European Union, key drivers

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