BAKU, Azerbaijan, January 23. Europe boasts significant potential in skills, research, and innovation, said European Commissioner for Trade and Economic Security Maros Sefcovic, as he addressed the World Economic Forum session themed "How to Project Europe’s Power", Trend reports.
“We are the biggest trading bloc with the highest social standards, enormous consumer power, and huge potential in skills, research, and innovation,” Sefcovic stated, urging Europe not to underestimate its global position. He highlighted the European Union's unique ability to unite 27 member states to address shared challenges, adding that European leaders are now focusing on enhancing competitiveness and cutting red tape.
Sefcovic underscored Europe’s reputation as a transparent and reliable partner, which is driving global interest in forging trade agreements. “There is momentum with our partners who see Europe as a partner that respects the rule of law, invests locally, and builds mutual value,” he said, calling this reputation Europe's "business card" in a fragmented world.
Looking ahead, Sefcovic stressed the importance of future technologies and securing critical raw materials. “We must ensure that critical technologies like chips are developed in Europe and not outsourced. We learned hard lessons from the COVID-19 period when supply chains faltered,” he noted.
He also emphasized the need to improve Europe's ability to scale up innovations, pointing to gaps in education, research, and competition policies. “We don’t just need startups, we need scale-ups,” Sefcovic said, urging a faster, more efficient system to keep Europe competitive in a rapidly changing global economy.