Known as "European First," this mechanism aims to enhance competitiveness and strengthen the foundation of the bloc's domestic industries.

Green technology is a strategic area where Europe will apply a "priority mechanism" for businesses within the bloc. Known as "European Priority," this mechanism aims to enhance competitiveness and strengthen the foundation of the EU's industrial base. This is expected to be discussed tomorrow at the EU Competitiveness Summit in Belgium.

The "European first" mechanism is encouraging European businesses to increase investment in green technologies. In France, the steel group ArcelorMittal has just decided to invest 1.3 billion euros in building a low-emission electric furnace at its plant in Grande-Synthe. Speaking during a visit to the plant, French President Emmanuel Macron expressed confidence in the future of the European Union's industrial sector.

French President Emmanuel Macron shared: "The industrial sector of this region, of our country, and of Europe has a bright future. But this future requires a Europe that simplifies procedures and is more competitive; a Europe capable of mitigating risks from major competitors; a Europe that innovates and invests; and a Europe that knows how to protect itself. These four pillars of the European strategy are what allow us to move forward, and are what France wants to promote together with the European Commission."

According to the plan, later this month, the European Commission will present a proposal to prioritize European businesses in public procurement in certain sectors such as automobiles and green technologies. Businesses may be required to demonstrate a percentage of their origin.

European Commission President Ursula von der Leyen argued that prioritizing domestic businesses in key sectors would help protect strategic interests, boost EU production, and create leading markets.

It is estimated that EU public and private investment needs around €1.2 trillion annually for green and digital technologies, defense, and security.

Source: VTV

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