Atanas Pekanov: Industrial policy has returned to Europe; this is an opportunity for the reindustrialization of Bulgaria

After being dismissed for many years as a harmful intervention in market processes, industrial policy has returned to the fore as a key topic in developed countries. This is a great opportunity for re-industrialization in Eastern Europe and Bulgaria, but this must happen on the basis of higher education and traditions in a number of sciences.

This was stated by the Deputy Prime Minister for the management of European funds, Atanas Pekanov, during the "Forum for Progressive Left Solutions", organized by the Delegation of the Bulgarian Socialists in the European Parliament.

In his speech, Pekanov drew attention to the change in our understanding of the world and leading economic policies in the last 10 years, which, according to him, has been serious. Today, the dominant consensus imposed by progressive forces is that we need to build policies that are people-centred and ensure that crises are overcome more quickly, and that the benefits of economic growth and economic integration are not appropriated solely by some parts of society, and will be distributed fairly, the Deputy Prime Minister pointed out.

"Progressive solutions mean to build, to build - the education of the future, the infrastructure of the future, the energy systems of the future. To guarantee productions and industries with stable, well-paid jobs", he stressed.

According to Pekanov, in today's changed geopolitical situation, this will also happen with the new industrial policy. "After years of being dismissed as harmful interference in market processes, industrial policy has returned to the fore as a key issue in developed countries. In sectors such as energy and high technology, developed countries have focused on attracting manufacturing and building factories and factories back on their own territory. This is a key opportunity for reindustrialization. Hardly anyone better than us in Eastern Europe understands the negatives, not only economic, but also political and demographic, that deindustrialization has brought. And now that the reverse process is underway, Bulgaria must take a central place in it. Let's demand that a large part of the returning productions come here", he was categorical.

However, according to the deputy prime minister, this should not happen on the basis of undercutting labor prices, tax dumping and continuing the practice of relying on low wages as the main competitive factor. "No - this time they have to come in the form of a highly educated, specialized workforce, building on our long traditions in a number of sciences, such as engineering and computing. To that end, we will need high standards in education and in terms of earnings", emphasized Pekanov.

According to him, the new industrial policy will also require additional funding. "Bulgaria must fight for such, because only the relaxation of state aid rules will not help us to fight and attract large productions here. Europe must make the decision on the so-called European Sovereign Fund, which will come with an additional resource for the member countries with which they can promote the productions here," he pointed out.