Minister Stoicheva: Eastern Europe can be a leader in the field of deep technological innovation

Eastern Europe can be a leader in the field of deep technological innovation and thus increase the competitiveness of Europe as a whole. This can also happen through culture and historical heritage. In accordance with the new European Innovation Agenda, we envisage the creation and linking of regional innovation valleys based on the strategic advantages of the regions and their specialization. This was stated by the Minister of Innovation and Growth, Milena Stoicheva, during the international forum on the importance of financial inclusion and digital transformation in the Romanian city of Cluj-Napoca. The main focus of the event is education and training to promote economic growth, innovation and job creation. Also participating in the forum are Bogdan Ivan, Minister of Research, Innovation and Digitization of Romania, Minister of Finance of Romania Marcel Bolosh, Emil Bock, Mayor of Cluj-Napoca, Alfred Simonis, President of the Chamber of Deputies of Romania, Maria Metz, Chief Executive director of NTT DATA Romania and others.

Minister Stoycheva emphasized that the partnership between the deep technological innovation valleys in Varna and Cluj can be an example of connectivity for Europe. Efforts in this direction must be supported by all means at the local and national level, through the use of financial and non-financial instruments, by people, businesses and governments. "Both in Varna and here in Cluj, I saw how the model of open innovation is applied in practice - the academic community and its capacity for research and development, business, start-up companies, the community and the government work together. In such an environment, deep technological innovations flourish and create solutions with successful commercialization and strong impact," said Minister Stoycheva.

Minister Stoicheva participated in the discussion on the digitization of financial instruments together with the Minister of Finance of Romania, Marcel Bolosh. The focus of the panel is the importance of financial literacy and the role of education and lifelong learning.

Stoycheva commented on the dynamic development of the entrepreneurial ecosystem and fintech sector in Bulgaria. "We provide financial support to innovative fintech start-ups to successfully commercialize their products, both through equity and debt financing instruments implemented by the Fund of Funds, the European Investment Fund and the Bulgarian Development Bank. We also offer grant schemes for clean innovation and research and development. We place a strong focus on investments for digitalization of the financial sector," Minister Stoicheva explained.

"The Ministry of Innovation and Growth will also work to increase the financial literacy of citizens, through joint legislative measures with the Ministry of Education and Science," she added.

Within the framework of the forum, Stoycheva held a working meeting with the Minister of Research, Innovation and Digitization of Romania Bogdan Ivan. The two discussed a draft memorandum of cooperation in the fields of innovation, digitalization, the startup ecosystem, the development of high technologies, digital connectivity and scientific research, as well as the creation and development of startup companies and the startup ecosystem in Bulgaria and Romania. The memorandum will promote cooperation between the two countries in the field of deep technological innovation, digitization, high technology and digital connectivity, the commercialization of the results of research projects on the EU market and on the world market, the transfer of knowledge and technology. The goal is to ensure the economic growth of the countries through innovations aimed at the digital transformation of business.

The Ministers of Innovation also identified the concrete steps to start cooperation between Bulgaria and Romania with a focus on innovations in deep technologies.