Svein Tore Holsether, CEO of Norwegian fertilizer manufacturer Yara, warns that the EU's efforts to bolster industrial competitiveness are moving too slowly, risking a scenario where Europe falls behind the US and China, Bloomberg News reports.

According to Holsether, the implementation of Mario Draghi's 2024 competitiveness report has been 'alarmingly slow', putting pressure on the chemical and fertilizer industries. Meanwhile, European fertilizer production has declined sharply due to high gas prices, fierce global competition, and stringent environmental regulations.

Yara considers the EU's new fertilizer strategy a step in the right direction but calls for greater investment in energy production to strengthen competitiveness.

The company continues to shift investments away from Europe and is currently evaluating an ammonia project in Louisiana in partnership with Air Products & Chemicals.