The European Union (EU) unveiled on Wednesday a plan to cut its dependency on Chinese and other foreign suppliers in six strategic areas like raw materials, pharmaceutical ingredients and semiconductors after the pandemic-induced economic slump.
317 products
The 27-nation bloc outlined the urgency of the task citing Europe’s reliance on China for about half of 137 products used in sensitive ecosystems, mainly raw materials, pharmaceuticals and other products key to its green and digital goals.
The updated industrial strategy plan was devised after the COVID-19 pandemic showed bottlenecks in supply chain and the executive European Commission plans to conduct in-depth reviews of supply chains in raw materials, batteries, active pharmaceutical ingredients, hydrogen, semiconductors and cloud and edge technologies, to decide how to deal with them.
“Today’s updated Industrial Strategy is about making sure our industries are equipped to drive the digital and green transformations of our economy while ensuring the competitiveness of our industries, also in the context of the recovery from the coronavirus crisis,” European Commission Vice-President Margrethe Vestager told a news conference.
