Brussels, Feb 10 (IANS): The European Commission has launched a new plan for the Mediterranean as it seeks to strengthen the strategic partnership between the European Union (EU) and its southern neighbouring partners.

The new agenda is based on the conviction that by working together, common challenges can be turned into opportunities, in the mutual interest of the EU and its southern neighbours, the Commission said in a statement issued on Tuesday.

Up to 7 billion euros would be allocated to its implementation until 2027, which could mobilise up to 30 billion euros in private and public investment in the region in the next decade.

The commissioner for neighbourhood and enlargement Oliver Varhelyi told a press conference that the new plan includes a dedicated economic and investment plan to spur the long-term socio-economic recovery in the south of Europe.

"It shows that Europe wants to contribute directly to a long-term vision of prosperity and stability of the region, especially in the social and economic recovery from the Covid-19 crisis," he said.

Varhelyi added that the EU had identified a number of priority sectors, from creating growth and jobs, investing in human capital or good governance.

Migration was seen as "a common challenge where we are ready to work together to fight irregular migration and smugglers together", he said.

The plan focuses on five policy areas: human development, good governance and the rule of law; resilience, prosperity and digital transition; peace and security; migration and mobility and the green transition.