BusinessEurope has expressed approval for the recent release of the EU Competitiveness Compass, interpreting it as a positive indication of the European Union's dedication to bolstering the continent's economy and supporting its businesses.
Markus J. Beyrer, Director General of BusinessEurope, stated: "Bringing a ship to its destination requires clear directions, and today’s Competitiveness Compass provides these coordinates. The Compass must urgently be followed by concrete and impactful actions which deliver meaningful changes for companies in their daily operations."
Beyrer emphasized that upcoming actions should focus on reducing regulatory burdens and eliminating bureaucratic hurdles to fulfill the promise of facilitating business operations in Europe. He also highlighted the need for strong measures to address energy cost competitiveness, expedite innovation market deployment, and ensure quicker permitting processes to enable rapid industrial transformation.
"In today’s geopolitical climate, implementing an ambitious trade and investment diversification strategy is equally critical," Beyrer noted. He further stressed the importance of addressing businesses' pressing skills and labor shortages.
Beyrer concluded by stating that "The Competitiveness Compass needs to be followed rapidly by consistent actions to deliver on its objective."