Vote on supply chain law irresponsible – European location loses again in international competition – realistic implementation at national level
Vienna (OTS) – Today’s decision by the EU Parliament to pass the EU Supply Chain Act is a threat to Europe’s position in international competition. “The Supply Chain Act leads to enormous bureaucratic effort and considerable costs due to excessive due diligence requirements, especially for small and medium-sized enterprises (SMEs). Today’s decision by the EU Parliament is irresponsible and weakens European and Austrian companies,” says Georg Knill, President of the Industrial Association (IV) and continues: “Europe is once again shooting itself in the foot – what is well-intentioned is now the opposite of well done. This means that Europe is once again losing credibility.”
The new legislation threatens to become a bureaucratic monster that will unnecessarily complicate day-to-day business management as well as dampen investment and economic growth in Europe. “The law forces companies to fight their way through a jungle of bureaucracy and regulations, which ultimately counteracts the goal of sustainability and only disadvantages European companies,” said Knill and continued: “We are already experiencing migration and investments in more competitive locations outside of Europe , because the general conditions here on the continent have become too unattractive to be able to compete on the world markets.”
The industry is committed to responsible and sustainable business, but calls for realistic implementation at the national level. “In order to maintain a resilient industry with innovative companies that serve as drivers of growth and prosperity in Austria and Europe, it is essential that companies can remain profitable,” concludes Knill.
Questions & Contact:
Industrial Association
Marlena Mayer
Press spokesperson
+43 (1) 711 35-2315
marlena.mayer@iv.at
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