Several European Union leaders, including German Chancellor, Friedrich Merz, and French President, Emmanuel Macron, are travelling to Belgian port city of Antwerp to outline proposals aimed at strengthening Europe’s struggling competitiveness.

The European Industry Summit on Wednesday is expected to bring together around 400 representatives from a range of sectors.

European Commission President, Ursula von der Leyen, and Dutch Prime Minister Dick Schoof are also due to attend.

European economies have been under pressure from intense competition, particularly from China and the U.S., as well as from high energy costs and what many businesses describe as excessive bureaucracy.

Merz and von der Leyen have advocated cutting red tape, with the European Commission proposing amendments to existing EU legislation to reduce administrative burdens and ease reporting requirements for companies.

Macron, however, has backed measures that would prioritise European firms in certain strategic sectors and has supported the idea of joint EU borrowing to finance increased investment.

The industry summit is to be followed on Thursday by a European Union summit focused on addressing the bloc’s broader economic challenges. 

(dpa/NAN)