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It's Time to Boost Europe's High-Tech

Europe has a difficulty in breaking through in high-tech industries. A new industrial policy must focus on innovation in order to prevent the weakening of its position in global competition. It is clear today that Europe has lost ground in the global high-tech race. According to a study by AT Kearney just 8 of the world's top 100 high-tech companies have their headquarters in Europe. Let us look at two examples to illustrate the risks of the status quo. The first: European companies no longer appear in the handset makers top 10 world ranking. Consequently, Europe will be dependent on technologies and innovations developed elsewhere in the world. The second example concerns the automotive industry: the software and electronics embedded in a car will account for up to 65% of its total value by 2025. That is why, the European automobile industry fears the competition from companies such as Google or Tesla Motors much more than the competition from US or Japanese car manufacturers. According to Eurostat, high-tech products represented 15.3% of the value of all exports in 2013. This is significant but not sufficient to carry weight in the international arena. Germany is the leading exporter of high-tech products followed by the Netherlands, France and the UK. Europe must urgently address a shortage of skilled engineers and a fragmented market subject to too many different standards. These challenges can be met.There is yet another fundamental issue: European businesses do not invest enough in R&D. However, hope is reborn.Capitals raised by start-up companies- a volume of about 7 billion US$ in the first 6 months of 2015- reached their highest level in 15 years. This could confirm that Europe can also show drive in the field of high-technology.

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