Chancellor Scholz proposes ‘Germany pact’ to revive ailing economy

German Chancellor Olaf Scholz proposed a new "Germany pact" to revive the country’s ailing economy and boost investments in new technologies.

“The citizens are tired of this standstill, and I am too,” Scholz told lawmakers on Wednesday, during a debate on the government’s budget plan.

“I would like to propose today a ‘Germany pact’ to make our country faster, more modern, and safer. What we need is speed, action, and cooperation; not sitting and waiting, or quarreling. This is the order of the day,” he said.

Social Democrat Olaf Scholz called on democratic opposition parties, and regional and local authorities to join hands with the federal government in passing the necessary legal reforms and implementing them.

He underlined that Germany needs far-reaching reforms to reduce bureaucratic obstacles, facilitate investments in new technologies, and make the country more attractive for foreign technology companies, and highly skilled migrants.

“We must now achieve the speed that corresponds to the challenges facing our country. Only then we can manage this great transformation, which is as great as the industrialization of Germany at the end of the 19th century,” he said.

Scholz said the government will provide new incentives for strategic technology investments, and climate-friendly energy projects.