5 Manufacturing Sector Initiatives In EU to know about

The manufacturing industry is prone to alterations, the European Union has been a dwelling regions for many big names in this sector. These companies have established territories globally and continue to generate humongous revenue for the entire region. According to the recent statistical figures obtained from manufacturing leadership council, this sector provides around 15% gross domestic product to the entire Europe. It also has been known to provide employment to 33 million people living in the EU regions. There have been certain setbacks for the European manufacturers which has declined the rate of its improvement like lower energy pricing, lesser resources, new competitors, and workforce growing older. Keeping these factors in mind the European union has come up with certain initiatives for the betterment of this thriving industry.

EU Manufacturers working in pace

• Digitization of future manufacturing plants: Europe's 2020 agenda has given subsequent focus to Information and communication technologies (ICT). The main agenda is to plan technologically smart and well-connected manufacturing factories by relying on areas such as advanced computing, robotics and various sensor-related machinery. There has been an allocation of 17 billion euros on Horizon 2020 research and development funding program. Also, the European manufacturers are looking forward to a Japanese collaboration with their existing units in the 5G roll out program. 
• Growing focus on Eastern European nations: Western European countries have been the center of attraction of the globe whenever manufacturing sector has been considered. But the times have been changing rapidly, nations like Poland, Turkey, Czech Republic, Romania, Hungary and others are most likely to earn the reputation of providing more innovative products in terms of manufacturing industries. There have been a lot of opportunities in these countries namely ease of availability of cash investments and tax benefits, digitization of factories, building up of public-private partnerships etc. 
• Beneficial global political scenarios: There has been a recent development in the European political backdrop, EU has lifted the sanctions against Iran. Besides, China and Russia are also coming together for various manufacturing ventures due to similarities as far as climatic factors are considered. This shall eventually lead to cheaper good production, also with Iran's assistance aviation, shipping and automobile industries shall witness a global expansion. European companies shall soon invest about 133 billion euros over the next three years for developing their infrastructures.
•  Climatic reforms are taken forward by the EU: EU has planned to reduce its carbon and greenhouse emission to 40% by the year 2025 and 2030. This is why the different companies are taking initiatives to build carbon neutral manufacturing units. These companies are much more concerned towards optimizing the current energy usage and obtaining energy from renewable sources.
• Reliance on human-centered workers: Previously there used to be low-skilled jobs in the entire manufacturing industry. Such kind of problems shall not arise any further as European regions are expected to undergo a structural alteration with increased requirements of an efficient and skilled workforce. Labor productivity shall increase by 10% in the coming years.

Written by: Angeline Watson
List source: European Manufacturers List
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