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The Director General of the Ministry of Energy, Trade and Industry, Mr.Marios Panagidis, participated in the two-day Informal Meeting of Competitiveness Ministers on Internal Market and Industry, held in Budapest, on 8 and 9 July 2024, in the framework of the Hungarian Presidency of the Council of the European Union (EU).
The Council discussed the promotion of electromobility, the new competitiveness strategy and the impact of artificial intelligence on it.
Panagides, in his intervention on the promotion of electromobility and the achievement of the targets set for 2035, said that it will depend on the cost of electric cars compared to conventional cars and the expansion of the infrastructure network in the EU. He also mentioned the actions of the Republic of Cyprus in these areas, enhancing the promotion of electric cars.
Regarding the issue of competitiveness, Panagides stressed the need for the EU to become business-friendly again. Formulate appropriate policies to bridge the gap with our global competitors, the US and China, and promote the green and digital transformation of its economy.
The impact of AI on the competitiveness of economies is expected to be catalytic. Therefore, the EU must act immediately to help its businesses, especially Small and Medium Sized Enterprises (SMEs), to take advantage of its business opportunities.
(MS)
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