Six European and Bulgarian business associations said here on Wednesday that Europe should increase investments in energy-intensive industries.
In a keynote address at a conference for basic industries, six associations said investment should be focused on the manufacturing sector and in particular energy intensive industries.
The six associations include the European Chemical Industry Council, European Steel Association, European non-ferrous metals association (Eurometaux), Bulgarian Association of the Metallurgical Industry, Bulgarian Chamber of Chemical Industry and Bulgarian Federation of Industrial Energy Consumers.
"Despite the recent positive headline figures on the performance of European industry, new industrial investments are mainly taking place in countries like China, where demand is growing, and the United States and the Middle East, where energy and raw materials are cheap," the keynote address said.
"If this loss of competitiveness is not addressed, the European Union (EU) risks becoming an increasingly high cost region with little growth and accelerating industrial decline," it noted.
The conference was held under the patronage of the Bulgarian Ministry of Economy, under the aegis of the country's presidency of the Council of the EU.
Editor:Amber
