site.btaBulgarian MEPs: Competitiveness, Reindustrialization, Innovation Should Be EU's Priorities

Competitiveness, reindustrialization and investment in innovation should be priorities for the European Union (EU), said Bulgarian MEPs Andrey Kovatchev of the European People's Party (EPP) and Tsvetelina Penkova of the Progressive Alliance of Socialists and Democrats here on Friday. The MEPs took part in a discussion on the role of the European Parliament in the EU’s renewal that was joined by participants in the international youth seminar "Time for a Renewal of the European Project".

The EU must adapt to evolving global geopolitical conditions if it does not want to be marginalized and become a mere market extension of the United States, China or other powers, Kovatchev told BTA. In his words, this requires prioritizing competitiveness of the European economy, reducing bureaucracy and administrative burdens for businesses, attracting investment, and ensuring that innovations developed within EU institutions can be quickly implemented in European industries. “We are currently seeing a brain drain to other parts of the world, mainly to the US. That is why none of the world’s top ten companies are European. We do not use European social networks, which is a major problem, and we need to catch up at the European level,” Kovatchev said.

He added that prosperity, job creation, rising incomes and access to quality education depend on competitiveness. “We cannot keep churning out young specialists who have no career development prospects because their degrees are not in demand,” the MEP said. He said that the focus should be on fields such as artificial intelligence, innovation, and technology. 

Kovatchev highlighted the importance of defence. “Until now, the EU seemed to rely on the US for protection. Now it is clear that we must invest in our own defence,” he said. Defence spending should be at least 2-3% of GDP. “By comparison, the Russian Federation currently spends about 8-9% on military equipment. This raises the question of why and against whom they are stocking up on so much military equipment,” the MEP said. “We do not want war. We want peace but these are the realities we are currently facing,” Kovatchev added. He stressed the need for building a defence infrastructure in Europe in cooperation with the US and other democratic countries that believe in the need for a respected security architecture.

MEP Tsvetelina Penkova pointed out that the European Parliament is the only democratically elected EU body, stressing that demands from citizens, industry and trade unions must be channeled through MEPs and reflected in legislation.

Penkova identified electricity prices, the reindustrialization of Europe and investment in innovation as key priorities that would provide young people with opportunities to develop within the EU, rather than seeking opportunities abroad.

As to youth calls for a major increase in the Erasmus+ budget, Kovatchev said that the EPP programme envisages a two- or three-fold increase in funding for Erasmus+ and research and development. “Bulgarian Commissioner Ekaterina Zaharieva holds one of the most important portfolios because it is tied to one of the EU’s top priorities: a drastic increase in the competitiveness of the European economy,” Kovatchev said. Zaharieva is responsible for Startups, Research and Innovation. 

MEP Penkova said that the Erasmus+ budget cannot be drastically increased at this stage due to limited financial resources and competing priorities, including new commitments in defence.