The Ministry of Economy and the World Bank will partner to improve the innovative development of the Bulgarian economy

The Deputy Minister of Economy Lilia Ivanova and Fabrizio Zarcone, Permanent Representative of the World Bank Group for Bulgaria, the Czech Republic and Slovakia held a meeting at which they agreed on a partnership between the Ministry of Economy and the World Bank Group.

The results of the analytical and advisory services, which are planned to be provided by the World Bank Group, are expected to reflect the opportunities for Bulgaria to stimulate economic growth through investment in innovation, as well as the capacity of enterprises to become more innovative and competitive on the Bulgarian and international market.

They also discussed the possibility of developing a stable and sustainable ecosystem of start-ups, as well as moving from a traditional to a circular economy, which would enhance the efficient use of energy and resources. The role of industrial zones for the provision of value added services and products, which contributes to the innovation of enterprises in and around their territories, needs to be strengthened.

Deputy Minister Ivanova emphasized that innovations are a major driver of the competitiveness of the economy and added that Bulgaria strives to move beyond the so-called “timid innovators" group and join the so-called "Moderate" innovators.