Driving into the Future: Brexit and Beyond, Insights from Innovation Park’s CEO, Julia Vorontsova
The UK’s historic Brexit decision was made on January 30th, 2020 and the implications for the country’s automotive construction industry are becoming increasingly clear, going by the opinion of Julia Vorontsova. Where there was once a smooth autobahn of trade and investment, new roadblocks and detours have sprung up, with ripples felt across the European Union. But is Brexit a pothole to be avoided, or simply a sharp turn towards a new route?
The impact of Brexit on business and investment in the EU is multi-faceted. On one hand, the UK’s exit has introduced new complexities and costs, particularly for businesses with integrated supply chains. The automotive industry, which heavily relies on the ‘just-in-time’ delivery of parts from multiple countries, has been significantly affected. Several car manufacturers have had to reassess their operations, with some shifting production from the UK to EU countries to mitigate border delays and customs checks.
However, it’s not all doom and gloom. Brexit has also presented fresh opportunities. Some sectors of the EU economy have experienced an influx of investment as businesses diversify their portfolios and hedge against Brexit-related uncertainties. The reshuffling of the automotive construction industry has led to job creation and capital investments in countries like Slovakia, Hungary, and Poland.
“Innovation is often born out of necessity,” says Julia Vorontsova, CEO of Innovation Park. “We’re seeing new alliances being forged, innovative supply chain strategies being implemented, and a growing focus on local sourcing. Yes, Brexit has thrown a spanner in the works, but it’s also sparked creativity and resourcefulness in a sector that’s no stranger to evolution.”
The ultimate verdict on Brexit’s impact on business and investment in the EU may still be out, and the road ahead is winding and uncertain. Yet, amid the change and disruption, one thing remains clear: the spirit of innovation is alive and well.
As the UK’s exit continues to redefine the landscape, industry leaders and policymakers alike will need to stay agile, harnessing the lessons learned and opportunities unearthed to navigate the road ahead successfully.