“Technological sovereignty does not mean self-sufficiency. It means resilience,” Minister of Energy, Commerce and Industry Michael Damianos said during an EU Competitiveness Council in Brussels, highlighting the importance of strengthening a more competitive, resilient and innovative European economy.
The Council meeting on 24 September focused on Europe’s competitiveness, economic security, technological sovereignty, industrial resilience and the simplification of the business environment.
Regarding the Chips Act 2.0, Damianos supported strengthening Europe’s presence across the semiconductor value chain, with a focus on areas where Europe has expertise and genuine industrial demand.
“Resilience requires reducing critical dependencies and developing capabilities in areas where Europe can compete,” he said, while also stressing the importance of cooperation with reliable partners in achieving this objective. In this context, he noted that Member States should be able to assess the reliability of partners and, where this is not the case, take appropriate measures to suspend the relationship.
Particular emphasis was also placed on ensuring smaller businesses have access to European research and technology infrastructure, as well as on developing the necessary skills.
The Minister also welcomed the revision of the guidelines on the assessment of mergers, calling for greater clarity on the practical assessment of their impact. “Striking the right balance between enabling businesses to grow and ensuring healthy competition is particularly important for national markets,” he noted.
Damianos further stressed that the revision should not lead to the strengthening of monopolies and a reduction in consumer choice, particularly in smaller national economies. “Our goal is clear: a Europe where businesses can invest, innovate and grow. Cyprus supports a realistic and balanced approach, with a Europe that is open, resilient and competitive,” the Cypriot Minister concluded.
(Source: CNA)
