Jacob Wallenberg: Competitiveness must shape the EU agenda

“The Swedish Presidency of the EU helped to put competitiveness at the top of the European Union agenda. However, the issue is far from resolved. The EU’s competitiveness has been falling for 20 years, and competition from the US and China continues to increase. We need to do more to boost our growth, by investing more in innovation, new technologies and research and development. We need to keep competitiveness in the spotlight. This is why we are launching Europe Unlocked - to use new and broad alliances to highlight the importance of long-term competitiveness and growth based on openness and trade with the outside world” says Jacob Wallenberg, Chairman of the Confederation of Swedish Enterprise. 

Europe Unlocked is bringing together a number of business organisations in different European countries, all of whom wish to see a clear focus on strengthening the EU’s competitiveness. Through this initiative, the coalition is sending out an ‘SOS’, one which in this context stands for ”Strengthen Our Single Market”.

“We are issuing an SOS to the next European Commission as a call to prioritise our single market. The single market is the home market for many small and large companies; yet - despite the fact that the single market was created over 30 years ago - a number of obstacles still remain, obstacles that make it difficult for companies to invest and grow in Europe. Having a well-functioning European single market is our greatest strength in a challenging environment, so there is much more to do here”, says Wallenberg.

The actions that the Confederation of Swedish Enterprise and its European partners are calling for include increased trade opportunities outside and inside the EU, competition and market-driven investments and innovation to enable the green transition. The coalition also wants to see a more innovation-friendly approach to new technology and data use, which in turn will create opportunities for companies to grow. In addition, across all policy areas, there should be better EU regulation as well as consultation with the business community. This will allow companies to have the right conditions to contribute with solutions to the societal challenges of our time. 

As a first step, the members of Europe Unlocked have written an open letter to former Italian Prime Minister Mario Draghi, who has been asked by European Commission President Ursula von der Leyen to write a report on the future of EU competitiveness. In the letter, Europe Unlocked highlights the fact that the EU’s economy has fallen behind those of the US and China, meaning that there is therefore a clear and pressing need for action. 

”We call for a new approach to the common economic and geopolitical challenges we face, one that focuses on opportunities and on Europe’s strengths”, Europe Unlocked said in its letter. 

Jacob Wallenberg adds:

”As we move towards the European Parliament elections and a new European Commission next year, our message is that long-term growth and competitiveness must remain a priority. It is through an economically strong, open and competitive Europe that we can best meet the challenges of today and tomorrow.”