The coronavirus pandemic has shifted the world’s axis with many countries realizing that concentrating developments in just one or two regions are just not going to cut it. Since March, major developmental hubs such as the US and China have taken a massive hit in terms of industrial prowess, forcing other countries to look elsewhere.
During a recent discussion by European Union leaders, it was decided that they would implore the EU executive next week to look at key areas where they depend too much on the P5 nations. The upcoming 24-25 September conclave will act as the meeting ground to discuss how countries can go about creating news sectors without the threat of embargo from mainstays.
The discussions revolved around how countries rely heavily on China and the United States when it comes to drug manufacturing as well as cloud computing technology. According to sources, the 27-nation bloc will aim to set up digital and green technologies as numero uno priorities. Ursula von der Leyen, the President of the European Commission addresses such key issues in her rallying speech on Wednesday. While the EU has decided to implement greener and cleaner steps, other countries were still looking to enforce such decisions amongst their citizens.
To help combat the current deficiency in a proper marketplace, the EU has set aside a 750 billion euro fund within its fold. This capital will be used to revive the economy post the pandemic while creating a new growth sector on its own. Some of the projects that would play a key role in creating jobs would be the Clean Hydrogen Alliance, the Internet of Things as well as the European Battery Alliance.
Apart from setting up mainstream industries, the commission is also looking to create industrial alliances and partnerships within the world of raw materials, microprocessors, telecommunication networks, and various Internet platforms. Blockchain technology was also a huge part of the EU discussion with significant changes to be made to regulations and certifications.
The nascent area of blockchain technology has been gaining steam for quite some time now and it is only a matter of time before it enters into the mainstream realms. Blockchain tech will also be accompanied by fields such as human-centered Artificial Intelligence, 5G mobile networks as well as improvements in secure communications.