The European Union has announced plans to increase its oversight of its technology sector. The EU is seeking to strengthen regulation and ensure consistent investment screening across all Member States to prevent problematic investments from entering the EU. This initiative will also include controls on outbound investment and the enhancement and coordination of export controls.
In addition, the EU is exploring ways to support research and development in technology with dual-use potential, while also addressing risks related to the international nature of scientific research through a proposed Council Recommendation on research security.
On January 24, 2024, the European Commission released the European Economic Security Package (ESP), which includes legislation and white papers focusing on foreign investments, outbound investment reviews and controls, export controls, research and development, and research security. The Commission aims to develop an outbound investment review mechanism, enhance coordination of export controls, and evaluate support for technologies with dual-use potential.
These initiatives reflect the EU’s commitment to ensuring economic security and competitiveness. It will be interesting to see how these developments shape the future of technology controls in the EU.
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