The European Union (EU) has prepared a plan to prevent its companies from investing in sensitive technologies in countries like China.
The European Commission has published its study called “European Economic Security Strategy”, which it has prepared to strengthen the economy and combat emerging risks.
According to the strategy, a comprehensive approach will be developed to identify, assess and manage risks to the economic security of EU countries.
Risks to energy security, resilience of supply chains, physical and cyber security of critical infrastructure, technology security, economic dependency and economic strain will be comprehensively assessed.
For this risk assessment, the EU Commission will establish a new framework that includes a dynamic system involving member states and the private sector. Member countries will work together on how to reduce the identified risks.
A list of technologies critical to economic security will be made. New measures will be taken to reduce risks in the technologies in the list.
Investment in critical technologies will be developed. The durability of value chains will be increased.
Adequate support will be provided for the research and development of technologies for both civilian and military use while updating the FDI screening rules.
The EU’s export control regulation on both civil and military “dual use” products will be fully and effectively implemented. Specific risk mitigation measures will be taken, especially for dual-use technologies such as quantum, advanced semiconductors or artificial intelligence.
The security risks that foreign investments may cause will be examined and a regulatory proposal will be prepared by the end of the year.
The EU market will be developed and its competitiveness enhanced, while strengthening the research and industrial base in strategic areas such as advanced semiconductors, quantum computing, biotechnology, net zero industry, clean energy or critical raw materials.
New policies will be determined to protect the economic security of the EU and to eliminate possible shortcomings. Trade agreement negotiations will be advanced and concluded. International partnerships will be strengthened.
EU Commission President Ursula von der Leyen, at a press conference on the strategy in Brussels, said, “We need to ensure that the capital, knowledge, expertise and research of European companies are not abused by the relevant countries in military applications.” said.
“Europe today became the first major economy to set a strategy on economic security.” Von der Leyen said that they aim to increase competitiveness, reduce risks, strengthen trade relations and supply chains.
After this stage, the said study will be sent to the member states and the European Parliament (EP). The strategy is expected to be discussed at the EU Leaders’ Summit in Brussels next week.
Although the strategy document is not mentioned, it is stated that it specifically targets China.