Brussels: The Minister of Energy, Commerce, and Industry, Giorgos Papanastasiou, participated in the European Union’s Competitiveness Council (Internal Market and Industry configuration) on Monday in Brussels, during which he stressed that the European Competitiveness Fund should provide clarity, speed, and reliability for businesses and industries.
According to Cyprus News Agency, during the first day of the COMPET Council, the agenda mostly focused on two key issues: the proposal for the European Competitiveness Fund (ECF) within the Multiannual Financial Framework (MFF) 2028-2034, and progress on actions to simplify European rules and reduce bureaucratic burdens, particularly for businesses.
During the discussion on ECF, the Minister emphasized that the Fund’s scope should provide clarity, speed, and reliability for businesses and industries, so that Europe can effectively protect its industrial base and lead the green and digital transition. He highlighted the need for simplified procedures, clear timelines, and faster approvals to facilitate access to funding for businesses and investors.
Regarding business needs, Papanastasiou underlined the importance of liquidity for small and medium-sized enterprises (SMEs) and startups, placing particular emphasis on the necessity of strengthening private capital for the Fund’s success. He also underscored that the ECF must ensure geographical balance, reinforcing a sense of collective action and cohesion within the EU.
The Minister supported the European Commission’s efforts to reduce bureaucratic burdens by 25%, within the framework of the annual progress report on simplification. He noted that simplification not only enhances the Union’s competitiveness amid geopolitical changes, but also secures the future of the Single Market, a cornerstone of the European economy.
During the working lunch, Ministers of the 27 member states exchanged views on the Single Market Strategy, focusing on the transition toward a fully digitized Single Market. On his behalf, Papanastasiou pointed out that such a digital market must be green, resilient, and future-ready, while also empowering SMEs, which represent Europe’s greatest competitive advantage. As the next Presidency of the EU Council, he stated that Cyprus will continue to work with determination and realism to achieve this goal.
On the sidelines of the Council meeting, Papanastasiou held bilateral meetings with his counterparts, discussing issues of mutual interest related to the Internal Market and the EU’s Industrial Policy. These contacts ahead of the Cypriot Presidency, also aim to strengthen cooperation and promote joint solutions to the challenges facing the European economy.