Nicosia: The European Commission is relying on Cyprus' EU Council Presidency to 'wake up the single market giant', as stated by Kerstin Jorna, the European Commission's Director-General for Internal Market, Industry, Entrepreneurship, and SMEs. Addressing the Standing Committee on Energy, Trade, Industry, and Tourism of the House of Representatives, Jorna highlighted the vital role Cyprus must play in revitalizing the European single market.
According to Cyprus News Agency, the Committee was reviewing the Draghi Report, with Kyriakos Hadjiyiannis, Chair of the Committee and MP of the Democratic Rally (DISY), emphasizing the need for national parliaments to engage in the implementation of the Report's recommendations. Hadjiyiannis urged the Commission to expedite the evaluation of national plans related to the Report.
Jorna characterized the European single market economy as a 'sleeping giant' with a GDP of £3 trillion. However, she pointed out that the economy is not reaching its full potential due to challenges like stalled innovation, raw material dependencies, and disrupted supply chains. She stressed the urgency of addressing these issues through the Draghi Report and urged Cyprus to lead efforts to 'wake up the giant'.
Jorna also outlined the Commission's initiatives to address these challenges, including the European Economic Security Strategy, which aims to ensure technological diversification and market entry. She highlighted the Commission's focus on 29 projects in rare earth, batteries, and defense materials, which are expected to decrease dependencies by 2029.
On the energy front, Jorna emphasized Europe's commitment to decarbonization through investments in solar and wind energy. She also discussed the Commission's maritime strategy, which will be presented during the Cyprus Presidency, aiming to enhance security in Europe's extensive Exclusive Economic Zone (EEZ).
Jorna mentioned forthcoming legislation, the Accelerator Act, and the Public Procurement Reform, which are designed to simplify processes and override national procedures. Furthermore, a study by the Commission identified 'the 10 most stupid economic barriers', with Cyprus' Presidency expected to play a crucial role in overcoming these obstacles.
She concluded by highlighting the EU's shift from rule-making to fostering investment conditions through tools like the Competitiveness Fund, projected at £451 billion over seven years. Jorna noted that leveraging private sector contributions could amplify this investment tenfold.
DISY MP Averof Neophytou echoed the need for reform, pointing out the EU's fragmented political landscape and bureaucratic barriers. He warned of impending issues such as raw material shortages and an aging population, stressing the necessity for stronger EU leadership. Neophytou also remarked on the Trump administration's role as a catalyst for EU competitiveness.