European Commission unveils its ‘Made in Europe’ competitiveness strategy… without mentioning the textile sector
On Wednesday, Brussels unveiled its economic competitiveness strategy, as China’s shadow looms over heavy industries such as automotives. Dubbed the ‘Industrial Acceleration Act,’ this regulation is intended to lift the European Union manufacturing share of GDP to 20% by 2035, from around 14% in 2024. It must still be voted on and adopted by the European Parliament before it can enter into force.
There is no doubt about the determination to curb China’s grip on the economy of the 27. The draft law targets heavy industries such as automotives, batteries, construction, chemicals, steel, and transport, sectors in which Beijing has invested heavily. The EU is sounding the alarm: unless it halts the decline in its industrial base, it could lose up to 600,000 jobs over the next decade. Notably, the option selected (PO2) relies solely on public funding as its lever, rather than imposing constraints on private actors, as option PO3 envisaged.
