9:39 19 July 2025
EU Proposes €400 Billion Competitiveness Fund to Boost Strategic Sectors
On July 16, the European Commission unveiled its draft budget for 2028–2034, including a proposal to create a new European Competitiveness Fund worth over €400 billion. The fund aims to accelerate investments in strategic technologies essential to the single market, including defense, space, biotechnology, digitalization, and green transformation.
Over €130 billion is earmarked for defense and space projects – five times more than previous allocations.
“As the European Parliament and the Polish presidency, we’ve prioritized security. This agenda must now be reflected in concrete financial tools like the Competitiveness Fund, with new components for defense and space initiatives,” Michał Szczerba, MEP from Civic Platform, said.
The fund will support both public and private investment and streamline EU financing in line with recommendations from the Letta and Draghi reports. It’s expected to enhance the EU’s strategic autonomy, industrial capacity, and technological edge in key sectors, while maximizing the impact of each euro spent.
(Newseria)
