Today I was delighted to speak at the presentation of the key insights from the DG GROW-EIB report on Navigating Supply Chain Disruptions.
Our discussion couldn’t be more timely. With recent crises like the US-China trade tensions, COVID-19, rising shipping costs, and the Russian military aggression against Ukraine, we've witnessed unprecedented disruptions in global supply chains, exposing the EU's strategic dependencies.
But here's the positive takeaway: EU firms have shown remarkable resilience and agility! They’ve responded with strategies to help them adapt to ongoing uncertainties. The data in the report, drawing from the EIBIS and the supply chain surveys, highlights how industries like electronics, automotive, and machinery have adjusted, with 56% of firms boosting inventory to counter short-term shocks.
One key takeaway: Trade diversification can mitigate trade shocks, but challenges remain. For example, 68% of firms importing from China say finding alternative suppliers within the EU is difficult. This underscores the importance of targeted policy interventions – investments, skills development, and economic diplomacy – that support the unique needs of companies and ecosystems.
A special shout-out to the panel for the insightful roundtable, reinforcing the importance of precise monitoring tools to unravel systemic risks. The Single Market remains crucial in buffering firms from external disruptions.
This report is a must-read for anyone navigating the complexities of supply chains today. Let’s continue to drive policy solutions and strategies that build a more resilient and adaptable future! 💪
Read the report ➡ https://lnkd.in/e2vs3i3b
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