Special Report: European Business Summit to highlight skills shortage

"The 9th European Business Summit will focus on Europe's place in the global economy. How can Europe move from lagging to leading and what are the business opportunities where it can regain the lead?" said Philippe de Buck, BusinessEurope's director-general.

He said: "The challenge ahead of us is immense. The position of Europe in today's world economy is under pressure. Emerging economies are pushing hard. Global challenges such as climate change, scarce natural resources, challenges of globalisation and demographic change put Europe further to the test."

"Our message is clear: reform to perform. Europe must react to avoid economic decline. Europe – still the world's largest exporter – has 'leading' opportunities. The current recovery must pave the way for sustainable growth towards and beyond 2020. This growth must be based on knowledge and innovation and anchor a competitive, high-employment and green economy that can compete on the global stage," de Buck concluded.

"The lack of STEM-skilled labour will be one of the main obstacles to economic growth in the coming years," said Jürgen Thumann, BusinessEurope's president, adding: "A stronger commitment and more joint efforts are needed from a broad range of stakeholders including governments and education providers at all levels."

According to Thumann: "The action list for national governments includes re-orientating resources to STEM education, raising the attractiveness of such education by improving their quality and relevance, setting the right conditions for collaboration between business and education providers and attracting STEM-skilled workers from abroad. Moreover, the potential for EU-level co-operation could be better exploited, through intelligent use of programmes and instruments."

"The strategies of governments in BRIC countries, the USA and South-East Asia demonstrate a determination to take part in the race towards a technological lead," Thumann said, concluding: "The question therefore arises – what makes the EU so sure it does not have to step up its efforts as well?"

"European policymakers have so far been tardy to recognise the STEM skills shortage and its consequences, as well as to act on it. It seems there is a rather complacent belief that Europe performs well enough. As is shown in the paper, this is not the case. Instead it is high time to move out of the comfort zone and to explore new ways to improve the supply of STEM-skilled labour," he concluded.

"The growing shortage of skilled labour is a problem that has been highlighted by AmCham EU member companies frequently in the past few years, most recently in a major study we launched in February on Europe's competitiveness in the global marketplace," said Susan Danger, managing director of AmCham EU.

Danger added: "An improved skills base encourages innovation, better jobs and economic growth across Europe. Some of our senior business executives will again be raising this critical issue at the two-day European Business Summit."

"The issue of skills is amongst the subjects of a survey of 300 managers we will be unveiling at the conference," according to Rudi Thomaes, CEO of the Federation of Enterprises in Belgium (FEB).

He added: "Our survey also highlights the need for simplification of regulations for SMEs. We hope that there will be a good response at the summit to these chronic diseases that are affecting the continent. We also urgently need bridges to be built between the EU and emerging economies and it's time Catherine Ashton and her team at the External Action Service got their act together on this."