COMPET discusses EU's single market

On Monday, March 2, the Minister for Economics, Dana Reizniece-Ozola chaired the meeting of the EU Competitiveness Council (COMPET) in Brussels. The Council discussed the EU's single market and investment environment.

The Competitiveness Council took place against the background of the broad priorities of the Latvian Presidency to achieve a competitive and digital Europe. It included debates on those areas where the EU's single market and a dynamic innovation policy can increase Europe's capacity to deliver economic growth and jobs.

A digital Europe in a prosperous single market

The Council adopted conclusions setting out various actions aimed at removing unnecessary barriers in the single market and enabling a smooth and quick transition to the digital age.

The chair of the meeting Mrs Dana Reizniece-Ozola, Latvian Minister for Economics, underlined that "there is no time to waste if Europe wants to be leading the digital revolution and enhance competitiveness. This requires a number of key actions such as removing artificial hurdles that prevent our companies and citizens from benefitting fully and on an equal basis from the single market. It is also crucial to create de basis for a solid framework for investment. Both conditions match the spirit and main focus of the Latvian presidency to achieve a digital competitive Europe".

Ministers discussed on the digital transformation of the industry, wider use of digital tools and encouragement of digital entrepreneurship. The outcome of the discussion will provide with a valuable contribution to the upcoming digital single market strategy.

Facilitate investments

Following a debate, ministers outlined the main elements to create simpler, better and more predictable rules to facilitate investments. The purpose is to implement the proposed new investment plan for Europe, which is expected to mobilise at least €315 billion of additional investment over the next three years.