Peter Altmaier, the Economy Minister of Germany, announced measures to protect Germany from the growing economic threats from China and America.
The German government’s National Industry Strategy 2030 was presented on Tuesday during a news conference in Berlin. Germany hopes to revitalize industry innovation within the country, which Altmaier said has fallen behind in recent years.
With this new strategy, more government support would be provided for nine industrial sectors: chemicals, engineering, medical devices, aerospace, automotive and green technology. It also provides the government with the ability to take over shares of companies if it is deemed necessary.
This defensive position comes as Europe’s largest economic force is battling to compete with the economic powerhouses of China and the US.