Soaring energy prices could drive investment away from Europe, warns Swedish premier

By Selen Temizer

BRUSSELS (AA) – High energy prices could drive investment away from Europe, Sweden’s Prime Minister Ulf Kristersson warned on Tuesday.

The EU has not been able to fulfill its economic potential, Kristersson said in an address to the European Parliament in Strasbourg.

“Our productivity is lagging behind,” he said, pointing out that the EU continues to invest “much less in research and development than the US or China.”

He emphasized the need for a new long-term strategy to increase the bloc’s competitiveness and productivity.

With Sweden having assumed the EU Council’s rotating presidency on Jan. 1, Kristersson said its priority is “making Europe greener, safer, and more free.”

Ukraine “is and should be our starting point,” he asserted.

Sweden’s aim is “to continue to support Ukrainians who are fighting not only for their own independence, but also for a European way of life,” he added.