The Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagidis participated in the EU Competitiveness Council, which took place today in Brussels.
During the proceedings, an orientation debate was held on the Proposal for a Regulation on foreign subsidies distorting the internal market. It is noted that this Regulation addresses the potential distortive effects of foreign subsidies in the single market that undermine a level playing field. A common finding of the 27 was the existence of a regulatory gap in the field of foreign subsidies, while a number of Member States, including Cyprus, highlighted in particular the need to safeguard the interests of small and medium-sized enterprises. In particular, in his intervention, Mr Panagides, after welcoming the proposed Regulation, underlined the importance of protecting the interests of small and medium-sized enterprises, stressing that a level playing field should be ensured for European and non-European enterprises. Furthermore, referring to the retroactive effect of the Regulation, he called for it to be reduced to three years, underlining the need for this instrument to be considered in the context of the Union's general economic policy.
The '27' also exchanged views on the future of the industrial mobility ecosystem in the context of the green transition. The discussion focused on the challenges faced by the automotive industry and the public sector in achieving the objectives of the green transition.
The Ministers also adopted a General Approach on a proposal for a Directive on sustainability reporting by companies. Panagides noted in his intervention that Cyprus fully supports the objectives of the proposal as a harmonised reporting regime will benefit citizens, investors and businesses alike.
The Commission presented to the Council the "Microcircuit Act", which aims to strengthen Europe's competitiveness and resilience, while at the same time aspiring to contribute to the achievement of the digital and green transition.
The Director-General of the OHIM participated in a working lunch, during which Ministers exchanged views on strengthening the single market for the benefit of industrial and innovative small and medium-sized enterprises. Panagides stressed that Cyprus is in favour of all efforts to strengthen the Single Market, emphasising on small and medium-sized enterprises and calling for concrete and ambitious actions that will allow the Single Market to reach its full potential.
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