Portuguese president says Europe needs 'industrial renaissance'

LISBON - Portuguese President Marcelo Rebelo de Sousa said on Monday that Europe needs a "fast reindustrialization" because it has already "lost a lot of time and is at risk of losing a leading role in the world industry."

"The resurgence, the industrial renaissance of Europe is fundamental," the president said in a video conference at the Innovation Summit 2020 event, from COTEC Portugal -- the main Portuguese business association.

According to the head of state, the COVID-19 pandemic showed that Europe was "unable to produce 'masks,' to produce 'sanitary material' on time, under conditions of competition with the rest of the world."

Noting the necessity of industrial response within the framework of the European continent, Rebelo de Sousa said, "Europe realized that it is on the verge of losing what it cannot lose, which is the industry."

"There is still time for recovery, but a lot of time has been irretrievably lost, so it is time to act," he stressed.

"It is our role to be positive catalysts for this change, because it is a change to convince Europe that it has to re-industrialize, and it is now, not later," he said.

"And it is not a question of the situation, it is not a question of mere survival, it is a structural question, in the medium and long term", he added.