Speech by President von der Leyen at the Partnership for Global Infrastructure and Investment event in the framework of the G7 Summit

Speech by the President at the G7 PGII event

Prime Minister Meloni,

President Biden,

It has been two years since we started this initiative. I remember it well. It was in the wake of the pandemic and, at that time where we had the energy crisis because of the war of aggression of Russia in Ukraine, as well as a food crisis. And at that time we joined forces and said that we needed a major investment programme for infrastructure abroad. PGII was born. The European Union is contributing EUR 300 billion through Global Gateway, and it is fantastic that we also have the Mattei Plan joining now.

We wanted to create an alternative for infrastructure investment. It is not only the financial firepower that is impressive, but PGII is sustainable: It is good for the planet and for a country's finances. This combination makes our offer different to others. We want to bring long-lasting benefits to the local economy of our partners. And of course, we need the strength of the private sector. It is therefore wonderful that CEOs are here tonight. The PGII is designed to support your global investments. At the same time, we rely a lot on you, your knowledge and your expertise. You are pioneering the technologies of the future, the energy of the future, if I look at the clean hydrogen for example, or at the topic of climate-resilient agriculture, and I could go on. You also have a vast know-how on how to train the local workforce and also on how to step up new industries in other continents. We of course have our part to do as well, for example to create the legal framework that is necessary. And Larry Fink, I heard you on speed and permitting. Indeed, it was exactly in that crisis that we drastically increased the speed of permitting, for example for renewables in the European Union. So we should copy that when we invest in projects, for example, in Africa. So that we can support a conducive legal framework that helps speed up projects.

We also invest in education for the local workforce, be it vocational training, be it schools or universities: It is a fantastic mix. This makes our partnership unique. PGII means top quality from our companies; it means transparency of our investments; and it means trust between equal partners. So thank you very much for having me here tonight.

Media