Manufacturers key to revitalising Euro economy say Chambers

A manufacturing renaissance is at the heart of a bold ten-point action plan calling for urgent measures to boost long-term growth in the European economy.

The radical measures have been put forward by Eurochambres, the organisation representing Chambers of Commerce across the continent. The plan proposes that Chambers should play a central role in the “reindustrialisation” process since they are “vital facilitators of the creation, growth, innovation and internationalisation of millions of businesses”.

Every year, European Chambers manage 900,000 apprenticeships, deliver internationalisation services to 1.2 million businesses and facilitate 1,500 innovation partnerships between businesses.

The plan calls for not only smarter regulatory frameworks and better access to finance instruments, but also outlines more specific actions on training and education, energy policy, resource efficiency and the competitiveness of EU industries on the global market.

“Many of the suggested actions and measures would not only boost the development of the EU manufacturing sector and its related services, but also generally contribute to a better investment climate in Europe,” said Eurochambres in the plan. “European industry needs decisive and urgent actions at both the European and national level to speed up the recovery and ensure long-term competitiveness.”

Eurochambres believes that beefing up manufacturing is a key driver of economic growth and its recovery underpins the recovery of other business sectors. It points out that industry directly employs 34 million people in Europe and that one manufacturing job creates up to two jobs in the service sector. And it says that industry is responsible for 80 per cent of all private sector research.

The organisation is calling on the European Commission to adopt new 2020 targets to halt the decline of industry and boost its contribution to GDP from the current 16 per cent to 20 per cent.