Brussels: The Cyprus Presidency is guided by the vision of an 'Autonomous Union, open to the world,' which is competitive, resilient, and capable of decisive action, while remaining open, rules-based, and firmly anchored in shared European values, said the Minister of Energy, Commerce and Industry, Michalis Damianos.
According to Cyprus News Agency, in a press conference following the conclusion of the first Competitiveness Council (COMPET) under the Cyprus Presidency, held today in Brussels, the Minister noted that competitiveness is built on a strong and well-functioning Single Market. He emphasized that strengthening competitiveness and completing the Single Market requires harnessing internal capacities, unlocking new sources of growth, and reducing strategic dependencies.
He made particular reference to small and medium-sized enterprises (SMEs), highlighting that with more than 26 million SMEs based in the EU, they contribute over half of the EU's value added and employ around 90 million people.
The Minister added that during the Council, discussions were also held on strengthening Europe's industrial base, promoting critical technologies, accelerating innovation, and enhancing strategic autonomy. Strengthening industrial capacity in strategic sectors such as steel, chemicals, and the automotive industry, he noted, contributes to economic security and reduces external dependencies.
He pointed out that the Presidency is working intensively on legislative files such as the automotive sector package and the Research Fund for coal, steel, and critical raw materials, while work on the Industrial Accelerators Act will commence once it is adopted by the Commission.
Regarding the Single Market, the Minister stressed that it remains the EU's strongest tool against external pressures, and that fully unlocking its potential is essential. He noted that during the Council, Ministers discussed the main obstacles hindering the functioning of the Single Market, including the so-called 'Terrible Ten' barriers.
The Minister announced that the Council approved the conclusions on the 2030 Consumer Agenda, sending a message that consumers remain at the heart of EU policies. Particular emphasis was placed on protecting minors in the online environment, aiming to ensure their effective protection while maintaining a fair and predictable business environment.
The Minister concluded by noting that the day's discussions were constructive and forward-looking, emphasizing the need for collective and swift action in cooperation with Member States and the Commission in the months ahead.