The ongoing paradigm shift in the governance of globalisation is marked by the resurgence of State prerogatives of economic sovereignty in trade and investment relations. While international trade frictions between opposing blocks increase, the concept of open strategic autonomy (hereafter also OSA), as conceived by the European Commission, has an intertwined economic and geopolitical dimension. In the pursuit of strategic autonomy, the Commission’s industrial strategy is focused on reducing critical dependencies on external trade partners and reinforcing European industrial capacities in strategic sectors. In turn, a strengthened EU industrial policy is set to increase the number of projects and programmes of Union interest under Article 8 of Regulation (EU) 2019/452 (hereafter also EU FDI Screening Regulation). Where the Commission considers that an FDI could pose a threat to projects or programmes of Union interest, it can address an opinion to the host Member State. Failure to comply with the opinion without an adequate explanation may constitute a breach of EU law and trigger the Member State’s responsibility. The Regulation shows the difficult balance between each Member State’s national security and the security of the Union, as it constitutes an attempt to reinforce cooperation in a field reserved to Member States’ exclusive competence. Admittedly, when the Union’s interest emerges, Member States’ discretion decreases. As closer cooperation towards a European industrial policy unfolds, the European Commission is expected to acquire a progressively more relevant role in FDI screening. In turn, this exemplifies a broader tendency of the Commission seeking to reaffirm its geopolitical role in pursuit of the Union’s OSA.