Baku: The European Union must diversify supply chains to reduce global economic risks, former President of the European Council and former Prime Minister of Belgium Charles Michel said during a panel discussion at the 13th Global Baku Forum, APA-Economics reports. He emphasized the importance of adapting the European economic strategy to meet the challenges of a rapidly changing global economic environment.
According to Azeri-Press News Agency, Michel highlighted that Europe’s reliance on Russian energy resources and Chinese supply chains is nearing its end. He urged the European Union to focus on diversifying its supply chains. Michel stated, ‘We must diversify our supply chains. The time when we depended on Russian fossil fuels and Chinese production chains is already behind us.’
Michel also pointed out the necessity for the European Union to strengthen its economic foundations. He suggested that enhancing regulatory policies would be crucial for boosting the EU’s competitiveness in the global market.