EC pointed to critical technologies: possible additional investments in Lithuania

Eurocommissioner Virginijus Sinkevičius says the recommendation aims not only to find a solution to the Chinese challenge, but also to the self-assessment of the EU’s economic security in general.

“The first signal was the disruption of supply chains during the COVID pandemic, particularly in the chip industry, which is now the cornerstone of green technology and the automotive industry. In addition, EU sanctions against Russia due to the invasion of Ukraine, circumvention plans with the help of third countries, Russian blackmail using the same grains, etc., said V. Sinkevičius in Eltai.

“In response to these challenges, the European Commission presented its Economic Security Strategy in June, which outlines the measures to be taken to reduce risks in the EU in the future. And one aspect is a recommendation on the economic security and critical technologies,” he explained.

This is only the first step, after which investments in research will be increased

The EC member assured that such a recommendation is only the first step towards solving economic security problems. According to him, the focus will be on the EU’s collective capabilities and the four most important areas will be highlighted, in addition to how critical technologies will be acquired.

“There are ten technology areas on the list, but four stand out as the most important. This is only a first step, he proposes to concentrate on these four areas, but if the States want to see wider, to carry out a broader analysis, then nothing will stop them,” declared the European Commissioner.

“These areas are chips, due to their extremely high prevalence in absolutely all areas, from cars to household appliances to military equipment. Artificial intelligence is data processing with very wide application, which concerns everything from robotics for civilian purposes to military technology, such as drones, etc.,” he taught.

V. Sinkevičius emphasized that the field of quantum technology is also considered critical, mainly because its effect is expected in the future, taking into account the development of technology. However, according to him, the influence of such a tool is already visible in cryptography. This also concerns the military industry and cybersecurity.

“And the fourth area is biotechnology. Mainly related to genetics, areas of genetic modification that will have an ever-increasing impact on everything from agriculture to health care. But it can also be linked to military threats and terrorists”, affirmed the member of the EC.

“Having assessed the risks, I believe the next steps would be to increase investment in research, risk management and the search for alternative supply chains. Internal capabilities for producing either component could be strengthened, as well as the general position of the EU towards third countries, their technologies and their use”, he underlined.

Niche isolation can also attract additional investment to Lithuania

Finally, the European Commissioner assured that Lithuania should pay attention to the recommendation and assess what it could mean for individual businesses in the country. According to him, identifying critical areas can attract additional investments to Lithuania.

“The presence of the technology branch on the list means that it occupies a particularly important place and can expect additional attention. “Lithuania has inspirations in the chip industry, in the field of biotechnology, photonics and lasers are also on the list, which could receive additional attention,” said V. Sinkevičius.

“Isolating these niches in terms of security can increase confidence in investments in these areas and attract additional investments, including in Lithuania,” he stressed.

Source: The Delfi

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