Cefic welcomes Draghi report backing for EU Industrial Deal

Brussels – European chemicals manufacturers have welcomed the finding of the Draghi report, which backs industry calls for an Industrial Deal, as set out in the Antwerp Declaration launched in February.

"Competitiveness has never been higher on the agenda," said the Brussels-based industry association said regarding the findings of the report by prof Draghi.

The Draghi report calls for an entire new spirit of lawmaking in Brussels and "signals the need for 4-5% of EU GDP to meet our goals, three to four Marshall plans, for which new financial tools need to be found."

The Antwerp declaration, which as now been signed by almost 1,300 industry leaders, stressed the need for an integrated EU approach to industrial competitiveness, led by a first vice president for the Industrial Deal. 

Professor Draghi, noted Cefic, has come to the same conclusion: highlighted the need "to combine industry, trade and competition policy in one integrated approach." 

“As a CEO of a global company facing global challenges, I can tell you every boardroom in the world is now watching how fast action is taken," said Ilham Kadri, chief executive of Syensqo and president of Cefic.

"It is not the time for business as usual in Europe," insisted Kadri. "This report provides proposals that need urgent implementation: it is our chance to double down and get it right”.

The European chemicals industry, said Cefic, needs to find a way to address the combined challenges of decarbonisation, global competition and the financial pressures of transitioning for hard-to-abate sectors.

Referring to the Draghi report, Kadri concluded: “It is time for EU institutions and member states to answer to this wake-up call. If these recommendations are not implemented... Europe will be in slow agony. 

"Industry and its workers do not have the luxury to be part of that. It is not only about closing the innovation gap, but about keeping existing capacity profitable in Europe."