RIYADH – On Sunday, France’s finance minister Bruno Le Maire announced that the country should aim to produce more of its strategic goods like drugs and electric batteries, as its reliance on China imports are likely to get hampered due to the coronavirus outbreak.
Le Maire stated that the coronavirus epidemic slammed its breaks on the world’s largest exporter’s economy.
The coronavirus emergency has called for an industrial policy shift acceleration to produce key goods in national and EU borders using state aid when needed.
“It’s not protectionism, it’s just responsibility. It costs a lot at the starting point so you need the support of public funding. China is doing the same, the United States are doing the same, I don’t know why Europe would not do the same for strategic assets like electric batteries.”
– Bruno Le Maire, France’s finance minister
France is one of the seven EU countries which had approved state aid worth 3.2 billion euros for battery technology research and innovation.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.