The result of a continuous and complex journey, economic development is about value creation. It requires three key elements: resources, processes and competencies. These three elements condition the creation of value across the economic, ecological and social dimensions. Small and medium-sized enterprises are the backbone of the EU economy. As they account for more than 99% of all European companies and more than 66% of EU jobs, development strategies and policies must specifically address them. During the pandemic crisis, many of these businesses have taken on unplanned debt, reducing their investment capacity, which is likely to lead to slow growth in the long term. Reversing this trend in an increasingly volatile, uncertain, complex and ambiguous world cannot realistically be tackled by individual enterprises and individual member states. Therefore, there must be a high level of coordination between public policies, the strategies of R&D institutions and business strategies in research, knowledge and technology transfer, and the reskilling of the workforce. As well as drawing on the lessons from all the accumulated experience, new programmes and initiatives need to be objective, visible and transparent. This will boost their efficiency and effectiveness for European industry. Continue to read on Science|Business.
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