BRUSSELS, May 5. /TASS/. The European Commission (EC) suggests limiting access of foreign state-run companies and private business receiving huge foreign subsidies to tenders and major investments in EU member-states, Executive Vice-President of the European Commission Margrethe Vestager said at a briefing on Wednesday.
"The European Union has very strict norms for government aid provision [to European companies - TASS] and the European market must be protected against foreign companies receiving huge government subsidies," the official said.
"Companies will have to tell us what subsidies they receive when they bid in large public tenders. And they will not be able to win those tenders without our OK," Vestager noted.
"Under the proposed Regulation, the Commission will have the power to investigate financial contributions granted by public authorities of a non-EU country which benefit companies engaging in an economic activity in the EU and redress their distortive effects, as relevant," EC says in its press release, dedicated to the new suggested regulation for foreign subsidies.
The proposal will be discussed by EU member-states and then it should be approved by the EU Council.