Germany pushes for increased readiness to take on risks - German politician Wüst advocates for increased risk-taking in the country
Hendrik Wüst, the Minister-President of North Rhine-Westphalia and a member of the Christian Democratic Union (CDU), has urged for a more risk-tolerant and innovative approach in Germany, emphasising the importance of reducing bureaucracy, making bold investments, and establishing a predictable economic policy to foster innovation.
Speaking at the NRW Youth Union North Rhine-Westphalia event in Gummersbach, Wüst highlighted the crucial role that the innovative power of entrepreneurs and researchers plays in Germany's economic strength. He underlined the need to create conditions that allow for freedom, competition, and a balance between state and market roles, as envisioned by the social market economy concept.
Wüst expressed concerns about the challenges in reducing bureaucracy for digitalization, stating that despite Germany's reputation as a "country of ideas," it is not in the immediate top group of global innovation rankings. He identified overbearing bureaucracy as a significant hurdle that stifles innovation and digital transformation, and stressed the importance of streamlining processes to accelerate digitalization and enable new business models focused on services, the digital economy, and data.
The Minister-President called for bold governmental reforms to simplify regulations and create a more innovation-friendly environment, although he acknowledged that implementing such changes remains a challenge due to complex regulatory frameworks. He also expressed concern about the number of separate state solutions for various issues, including justice, schools, and police, and suggested that the federal states may need to be willing to relinquish responsibilities for effective digitalization.
Wüst praised the new Federal Digital Minister, Karsten Wildberger, and his "gigantic task," but also emphasised the need for a national debate about how much risk Germany is willing to take on. He pointed out that the aversion to risk leads to more bureaucracy, inspections, documentation, and reporting requirements in Germany, and that many things that could be dangerous are either banned or insured, often both.
In summary, Wüst advocates for greater risk tolerance and innovation in Germany by reducing bureaucracy, promoting bold investments, and ensuring predictable policies. He recognises that existing bureaucratic obstacles slow down digitalization and the commercialization of innovations, requiring structural reforms to streamline processes. His comments at the NRW Youth Union North Rhine-Westphalia event in Gummersbach underscore his commitment to fostering a more innovative and competitive Germany.
- The Minister-President of North Rhine-Westphalia, Hendrik Wüst, emphasizes the importance of creating an environment that fosters innovation in EC countries, advocating for a more risk-tolerant approach and reducing bureaucracy to enable bold investments in vocational training, technology, and services.
- Amidst the discussion of politics and policy-and-legislation in Germany's economic sector, Wüst raises concerns about the challenges in reducing bureaucracy for digitalization and the need for general-news coverage about implementing streamlined processes to accelerate digitalization and enable new business models in the economy.
