Commission updates EU Industrial Strategy – Finland supports its objectives to accelerate digital and green transitions

The European Commission has updated the EU Industrial Strategy to take better account of the circumstances and needs following the COVID-19 pandemic. The aim is to make use of the lessons learned from the pandemic, to strengthen businesses' ability to adapt to changing circumstances and to accelerate the green and digital transitions, which will create more jobs. The Commission published the updated Strategy on 5 May 2021.

Innovative business activities, high level of digitalisation and international cooperation are also the cornerstones of Finland's economic and industrial policy.

'It is good that the Commission has assessed how the COVID-19 pandemic affects the Industrial Strategy. It is also good to see that any major changes of direction are not required but sustainable growth continues to be built on European values, through utilising the digital transition and while pursuing ambitious climate impacts and strengthening international competitiveness and partnerships,' says Minister of Economic Affairs Mika Lintilä.

The importance of the digital and low-carbon transitions has been highlighted during the pandemic. To accelerate the transitions, the Commission proposes, among other things, ecosystem-specific roadmaps that would take account of the special needs in each sector.

The Commission is preparing proposals for new measures to reinforce the Single Market in the context of possible future crises. One of the proposals is a Single Market Emergency Instrument, which would improve transparency, cooperation between Member States and availability of critical products, among other things. Furthermore, the Commission aims to strengthen compliance with the existing single market rules.

The pandemic brought to light the international dependencies of European businesses. Most of the production chains proved to be resilient. However, as part of updating the Industrial Strategy, the Commission assessed which of these international dependencies may lead to particular vulnerabilities, for example in the fields of health, safety and security. The review also includes proposals for measures to reduce the EU's strategic dependencies and to strengthen its strategic capacities, including in the areas of technology and expertise.

Inquiries:
Antti Siika-aho, Special Adviser to the Minister of Economic Affairs, Ministry of Economic Affairs and Employment, tel. +358 50 575 047228
Nina Alatalo, Adviser to the Minister of Economic Affairs (EU Affairs), Ministry of Economic Affairs and Employment, tel. +358 29 504 7171
Anita Silanterä, Chief Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7256