European industry fears being left behind without investment in innovation

Friday 27 January 2017 4:43 pm European industry fears being left behind without investment in innovation European industrialists have called for a big increase in efforts to boost innovation as they fear a rise in protectionism and trade restrictions damaging the EU’s economy.The rise in protectionism, most potently symbolised by the rise of Donald Trump as US President, has alarmed business leaders in the European Round Table of Industrialists. Share Jasper Jolly In the face of competition from growth economies such as China and India, Europe must invest to move up the value chain, the group said. whatsapp Bock said: “To adapt to these new developments Europe must increase efforts in the field of innovation, digitisation and strive for free trade and access to foreign markets.”Read more: Eurozone PMI at highest since the debt crisis in 2011Foreign direct investment in 2015 was half the figure before the financial crisis in 2007, while GDP has failed to pick up to levels seen in 2009, according to the World Bank.GDP growth has also been on a steady downward trend for decades – a problem common to many developed economies as the pace of productivity growth has fallen. Developing economies have been able to rapidly catch up, leaving the Europe’s industry vulnerable to increased competition if it does not invest. Kurt Bock, chairman of chemicals giant BASF and a member of the group, said: “It is with great concern that we note a steady increase of potentially trade restrictive measures and a backwards trend in the integration of the European Single Market.”Read more: Eurozone industrial production surge gives surprise growth pictureEurope risks being left behind, the group said, if it does not invest in innovation. Growth across the Eurozone has stagnated since the global financial crisis, with 0.3 per cent recorded in the third quarter. whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoUnify Health LabsRandy Jackson: This 3 Minute Routine Transformed My HealthUnify Health LabsUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedUndoLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthUndoinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoMaternity WeekAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongMaternity WeekUndoPensAndPatronTori Roloff Confirms Devastating News About The FamilyPensAndPatronUndo

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