BRUSSELS

European Commission President Ursula von der Leyen urged faster industrial approvals and regulatory reform on Wednesday, warning that delays in permitting and energy projects risk Europe's competitiveness in the global economy.

"In a global race, delay means lost investments. Today, it can take longer to permit a new factory than to build it. Energy projects can wait years for approvals, even when financing is ready. This must change, and we have started to change it," von der Leyen said during her keynote speech at the European Industry Summit in Belgium.

The EU Commission's Wind Package, for example, aims to cut permitting times by two-thirds, while faster grid connections are being prioritized to tackle critical bottlenecks for European industry, she noted.

She emphasized the broader need to simplify business operations across the EU.

"We have set the target to cut red tape in this mandate by €37 billion ($44 billion), that is 25% on the European level. Ten omnibuses are on their way; they are worth €15 billion of cuts of red tape. So far, so good, but I am not satisfied with their speed," she said.

"Of the 10 omnibuses we proposed last year, only three have reached their destination. For the other seven omnibuses, we count on the European Parliament and member states to share the same sense of urgency," she added.

Von der Leyen also criticized "gold-plating” --extra layers of national legislation that create barriers within the single market. She cited examples, including truck weight limits differing between Belgium and France, and inefficient procedures for shipping waste across borders.

"Barriers inside Europe hurt us more than tariffs from outside. We must therefore complete the single market if Europe wants to stay competitive in a world of giants," she said.

She announced a new proposal, EU Inc, aimed at creating a unified European company structure to simplify cross-border operations, speed up company registration and ease access to finance for start-ups and scale-ups.

Von der Leyen also stressed the importance of improving access to capital, outlining plans for a deeper and more liquid European capital market, which could unlock up to €470 billion in investment, under the framework of the "savings and investment union."

The savings and investment union aims to link EU citizens' savings to productive investments.

"We want to do this by 27, but if this is not possible, at the end of this year, I will propose to go with those who want to speed up and enhance cooperation. For that, you need at least nine member states," she added.