Foreword by Malte Lohan, CEO, AmCham EU
Poland assumes the Presidency of the Council of the European Union at a time when the EU’s attractiveness for investment is under threat. For too many companies, it is becoming increasingly difficult to operate in Europe. The Polish Presidency must now play its part in turning this tide.
Last September offered up one of the starkest reminders of Europe’s attractiveness problem yet: the Draghi report. The report identified a widening competitiveness gap, which has emerged due to well-documented issues: overregulation, a cautious approach to innovation and high energy costs. These factors contribute to a concerning trend, where the GDP gap between the EU and other leading economies continues to widen.
The call to action for EU policymakers is therefore clear. To sustain its long-term economic resilience and prosperity, the EU must sharpen its competitive edge, fostering a regulatory environment that encourages innovation and investment.
Transatlantic trade and investment is a key part of this ambition. In Poland alone, US firms support over 221,000 jobs thanks to an investment base worth more than €11 billion. Across the EU, these figures balloon to 4.9 million jobs and a total of €3.7 trillion in investment. This investment does more than just fuel economic growth. US firms also play a central role in supporting the EU’s economic resilience and driving innovation, industrial modernisation and research and development throughout the bloc.
It is encouraging to see the Polish government recognise the value of this transatlantic partnership and commit to ‘strengthening Euro-Atlantic ties’ during its Presidency. As President Duda puts it, the goal is to see ‘more United States in Europe, more European Union in the United States’. This momentum comes at the right time: if last year was the year of elections, this year is about putting plans into action.
For decades, the EU and US have remained each other’s most important trade and investment partners, navigating geopolitical challenges and periods of political realignment. American companies invested in Europe are committed to playing their part in maintaining that economic bond. Now, as the EU kicks off a mandate focused on making the region more competitive, we stand ready to work with the Polish Presidency to unlock the full potential of the transatlantic economy.
AmCham EU speaks for American companies committed to Europe on trade, investment and competitiveness issues. It aims to ensure a growth-orientated business and investment climate in Europe. AmCham EU facilitates the resolution of transatlantic issues that impact business and plays a role in creating better understanding of EU and US positions on business matters. Aggregate US investment in Europe totalled more than €3.7 trillion in 2022, directly supports more than 4.9 million jobs in Europe, and generates billions of euros annually in income, trade and research and development.