EU to compete with China for influence with €300 billion in foreign investments

China’s growing influence is greatly tied to its investments in infrastructure in foreign countries, which the EU now wants to counter with its own huge investment package

editor: REMIX NEWS
author: iDNES.cz, Czech News Agency
European Commission President Ursula von der Leyen addresses European lawmakers during a plenary session at the European Parliament in Brussels, Wednesday, Dec 16, 2020. (AP Photo/Francisco Seco)

As part of its global investment plan, the European Union wants to support climate-sustainable projects, healthcare, and education in many parts of the world and offer an alternative to Chinese investment, according to President of the European Commission Ursula von der Leyen.

She signaled that the EU wants to achieve its goal by investing €300 billion around the world by 2027.

“The European model is about investing in both hard and soft infrastructure, in sustainable investments in digital, climate and energy, transport, health, education and research, as well as in enabling an environment that guarantees a level playing field. We will support smart investments in quality infrastructure, respecting the highest social and environmental standards, in line with the EU’s democratic values and international norms and standards,“ said von der Leyen. 

In recent years, China has attempted to increase its influence, boost international trade and investment in most Asian countries and on other continents. To achieve this, China builds a network of railways, ports, and other infrastructure. Most EU countries and the United States perceive these steps as an unhealthy strengthening of Beijing’s influence.

The project will financially support the EU’s transition to a climate-responsible and digital economy, which will include, for example, the production of environmentally-friendly hydrogen or the installation of submarine data cables. In connection with the pandemic, the money will also go to healthcare development.

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