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EU Planning to Tighten Grip on Overseas Investment, Requiring CN Firms to Hire Local Workers & Share Tech
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The European Union (EU) is planning to tighten its grip on overseas investment to prevent Chinese companies from taking advantage of the EU's open markets without delivering concrete benefits to local workers and sharing technological know-how, according to a report from the Financial Times. It is understood that the revised rules are still under discussion and will be part of a slew of proposals the European Commission intends to make next month to resolidify the EU's sputtering industrial base and boost economic growth. The report quoted Stephane Sejourne, the EU's industry commissioner, saying that the newly revised rules may require overseas investors to recruit local workers and to share technology in specific sectors like electric vehicle (EV) batteries. CATL (03750.HK) was mentioned in the report as it had drawn significant attention because of its technological edge over its European peers. In addition to its EV battery plant in Germany, the battery maker is currently building a plant worth EUR7 billion in Hungary and another worth EUR4 billion in Spain. AAStocks Financial News |
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