Minister Stoycheva: Innovations and scientific research will increase Bulgaria's competitiveness

Innovation and scientific research are the necessary impetus that will increase Bulgaria's competitiveness through the development of dynamic knowledge-based sectors. This was said by the Minister of Innovation and Growth, Milena Stoycheva, at the opening of the information day of the European Innovation Council (ECI). The Prime Minister Academician Nikolay Denkov, the European Commissioner for Innovation, Scientific Research, Culture, Education and Youth Iliana Ivanova, the Deputy Minister of Education and Science Genka Petrova, representatives of the academic community and business took part in the event. During the information day, the scientific and entrepreneurial community in our country will be introduced to the possibilities for financing high-tech scientific research and innovation.

The European Innovation Council is the European Commission's largest initiative to support innovation throughout the life cycle from research to proof of concept, technology transfer, funding and scale-up for start-ups and SMEs. Through its three instruments – Pathfinder, Transition and Accelerator – the Council provides funding to research organizations, start-ups and small and medium-sized enterprises. The organization has a budget of 10.1 billion euros until 2027.

Minister Stoycheva pointed out that the ESI plays a key role in the creation of a united, strong and innovative Europe and Bulgaria should make maximum use of the opportunities it provides. "The European Innovation Council provides the Bulgarian ecosystem with access to funding, especially for startups and small and medium-sized enterprises, both through grants and investments," said Stoycheva.

"Research and development activity in our country provides an opportunity to create high-tech innovations in key sectors that attract foreign investors. Bulgaria has a well-developed digital and communication infrastructure. This gives us a key advantage and positions the country as a place in which to develop the new wave of innovation", pointed out the Minister of Innovation and Growth.

Minister Stoycheva also said that despite Bulgaria's progress in areas of research such as artificial intelligence, the Internet of Things, engineering, food and agro-technologies, the country currently lags behind in investments in deep technologies compared to other European start-up ecosystems. According to her, the European Innovation Fund can change this, paving the way for companies with great potential.