Brussels – The Belgian federal government will assess the strategic significance and financial benefits of state-owned shares before considering any potential sale, Finance Minister Jan Jambon (N-VA) stated on Tuesday in Parliament.
Addressing the House’s Finance Committee, Jambon highlighted that proceeds from state-owned shares in companies such as Ethias, Proximus, bpost, Umicore, and Belfius could be used to finance a new defence fund.
This fund is aimed at strengthening Belgium’s military budget amid growing security concerns in Europe. However, he also stressed that the sale of these shares was not a guaranteed course of action.
Jambon refrained from disclosing detailed plans, noting that some of these companies are publicly traded, and the government does not intend to negatively impact their market valuation. “We must carefully weigh both potential returns and the strategic value of these holdings,” he said.
Balancing Strategy and Financial Gains
The minister underscored that certain sectors, such as energy, hold strategic importance and should not be sacrificed purely for financial gain. “Selling strategic participations to buy bombs and grenades is not a good idea,” Jambon asserted, signaling caution in the government’s approach to monetizing state assets.
Jambon advocated for a stronger domestic defence industry, aligning with European initiatives that prioritize internal arms production and procurement. “We must ensure that ‘Buy European’ also means ‘Buy in this country,’” he emphasized, urging investments that support Belgium’s military and industrial base.
Economic and Structural Considerations
The finance minister also noted that selling state-owned shares does not directly reduce national debt and results in the loss of annual dividend revenues for the government. He cited Belfius as a prime example of a company with deep local roots and substantial financial contributions to the state.
“Belfius delivers excellent results, operates across all segments, and maintains its headquarters in Belgium. This anchoring is valuable, and any operations should consider this,” Jambon stressed, hinting that the government would be cautious about divesting from such firms.
Budget Discussions Underway
Belgium’s core cabinet is scheduled to meet on Wednesday at 9:30 am to deliberate on the defence budget and broader fiscal plans. The government aims to secure an additional €4 billion for defence expenditures by this summer.
Officials plan to present the budget proposal to Parliament by mid-April, setting the stage for key debates on national security spending.
As Belgium navigates evolving geopolitical challenges, the government’s approach to balancing strategic assets and military financing will be closely watched.
Any decision to sell state-owned shares is expected to undergo thorough scrutiny to ensure long-term economic and security interests are upheld.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
