The opinion on the “European Union Competitiveness Compass” initiative, presented by the European Commission in January this year, is positive. This was announced by the Deputy Minister of Economy and Industry, Doncho Barbalov, during a meeting of the Committee on European Affairs and Oversight of European Funds in Parliament. According to him, the initiative represents a strategic framework with a long-term vision, on which a number of thematic policies and normative documents will be built.
The Deputy Minister of Economy pointed out that the compass foresees five horizontal measures: simplification of regulations, removal of barriers within the single market, access to financing, development of skills and quality of work and coordination of policies.
Barbalov emphasized that work on the initiative is just beginning and is expected to continue for at least five years, as it is a structural document of key importance for the future development of the European Union.
He pointed out that the effects of the initiative are expected to become apparent at a later stage, when the normative acts based on this strategic compass begin to be applied. These include the promotion of computational capacity and the development of artificial intelligence, the creation of a Competitiveness Fund and so on. Significant attention is also given to supporting innovation, as well as the need for simplification and modernization in the field of public procurement, including the possibility of conducting joint procedures and providing preference for European companies. Deputy Minister Barbalov noted that this will facilitate the access of Bulgarian companies to the wider European market.
Among the key priorities of the initiative is the development of innovation through new technologies, artificial intelligence and advanced materials, with the aim of increasing Europe’s competitiveness. An important topic is also the creation of a joint roadmap for achieving decarbonization without compromising economic sustainability.
Furthermore, emphasis is placed on the need to reduce excessive dependence on imports not only of energy carriers, but also of other strategic raw materials, such as lithium, used for battery production.