Brussels:Cyprus Minister of Energy, Commerce and Industry Michael Damianos emphasized that technological sovereignty should focus on resilience rather than self-sufficiency at an EU Competitiveness Council meeting.

According to Cyprus News Agency, Damianos spoke about the need to build a stronger European economy that is competitive, resilient, and innovative. The Council's discussions centered on Europe's competitiveness, economic security, technological sovereignty, industrial resilience, and simplifying the business environment.

Addressing the Chips Act 2.0, Damianos advocated for enhancing Europe's role in the semiconductor value chain, especially in areas where the continent has expertise and genuine industrial demand. He noted that reducing critical dependencies and developing competitive capabilities are essential for resilience, underscoring the importance of collaboration with reliable partners. He further mentioned that Member States should evaluate the reliability of their partners and, if necessary, suspend relationships that do not meet reliability standards.

The minister also highlighted the need to ensure that smaller businesses can access European research and technology infrastructure and develop necessary skills. Damianos welcomed the revision of merger assessment guidelines, seeking clearer practical assessments of their impact, stressing the importance of balancing business growth with healthy competition, especially in smaller national markets.

He warned against the potential for revised guidelines to strengthen monopolies and reduce consumer choices, particularly in smaller economies. Damianos concluded by expressing Cyprus's support for a realistic, balanced approach that fosters a Europe where businesses can invest, innovate, and grow, emphasizing a vision of Europe that is open, resilient, and competitive.