President Hoyer spoke at the European Comminssion's "Europe as an Investment Destination" (#investEU) conference, warning Europe needed to wake up to the challenge of digitalisation or risk seeing its industries swept away by competitors.
"We are running the risk of being left behind. If we don't speed up with our infrastructure in data transmission - which is not only a question of networks but also data processing capacity - we will be lost. That's the difference between the third and fourth industrial revolutions. In the fourth, we do not talk about amenities for consumers but basic industrial necessities which industry needs to compete in the next decades. It's time to wake up and speed up," President Hoyer said.
In his speech, the President reiterated the need to overcome non-financial barriers to make a success of the Investment Plan for Europe.
The EIB President, Werner Hoyer, appeared at the event as one of the keynote speakers to help debate Europe’s place as an attractive investment destination in the global economy. Alongside President Hoyer, Commission President Jean-Claude Juncker and Vice President Jyrki Katainen joined the discussions in Brussels.
The conference was hosted by the European Political Strategy Centre and gathered together international and European policy makers and business leaders. Questions such as ‘How Can the European Union Invest in Its Competitive Future?’ and ‘How can the Investment Plan For Europe Make a Difference?’ were addressed during the event.
About the Investment Plan for Europe:
The financial pillar of the Investment Plan for Europe is the European Fund for Strategic Investments (EFSI). EFSI is expected to mobilise at least EUR 315 billion overall in private and public investments across the EU in the next three years, supporting strategic investments, such as in broadband and energy networks, infrastructure, education, research and innovation, with a particular focus on small and medium-sized enterprises (SMEs). EFSI enables a quick response to financing needs in areas where alternative sources of financing are scarce or unavailable.