Germany, France, Italy welcome Juncker's proposal on foreign investment vetting

PARIS (Reuters) - Germany, France and Italy welcomed the European Commission’s proposals on vetting non-EU investments, after they pushed for tighter oversight of foreign acquisitions of sensitive European technology following a rise in such deals by Chinese players.

In June, French President Emmanuel Macron urged Brussels to come up with a system for screening investments in strategic sectors from outside the bloc.

The head of the EU’s executive, Jean-Claude Juncker, was giving his annual State of the European Union speech on Wednesday.

“Europe and of course Germany are and will remain open to investment from abroad,” German economic affairs minister Brigitte Zypries said in a joint statement with France and Italy. “But we need to prevent other states from taking advantage of our openness in order to push through their industrial policy interests.”

French Finance Minister Bruno Le Maire and Italy’s Carlo Calenda also welcomed Juncker’s proposals.

“The EU must be ready to stand up for its interests and protect itself -- in particular when competition is not fair and we are dealing with important national strategic interests,” Le Maire said.

Reporting by Michel Rose; Editing by Catherine Evans