World Bank recommends more investments in science

“Bulgaria has to invest more and more effectively in research and innovation activities. They are a major factor for strengthening the economy and unlocking the potential for smart growth,” recommended the Vice President of the World Bank, Janamitra Devan yesterday.

This recommendation is also part of the new World Bank report "Going for Smart Growth: Making Research and Innovation Work for Bulgaria", prepared at the request of the Bulgarian Government and in particular of the Ministry of Economy, Energy and Tourism and the Ministry of Education, Youth and Science. In Sofia, Janamitra Devan discussed the report with government officials, representatives of the private sector and the academic community.

According to the World Bank analysis, Bulgaria’s position in international rankings of completion has improved over the last decade, but more efforts are needed for the country to be able to successfully compete with other new EU member states, and the growing economies of Asia and Latin America.

The report of the World Bank assesses the innovation capacity of Bulgaria in the context of the Europe 2020 programme and suggests new options for upgrading the national institutions, policies and legislation.

“One major problem, which Bulgaria faces is the aging of our scientific potential and this fact is noted in the report of the World Bank,” said Minister of Education Youth and Science Sergei Ignatov.

“Innovation is necessary for the sustainable development of Bulgaria,” said in her speech Deputy Minister of Economy, Energy and Tourism, Julieta Hubenova. She announced that MEET was actively working on the establishment of a Scientific and Technological Park, which would bring together scientists, business representatives and students. The project is being developed under OP Competitiveness and is worth € 50 mln.

According to the World Bank report, for the last 10 years Bulgaria's exports has grown and now represents about 60% of GDP, but just 3% of these are high-tech products, while this share is 16% in the EU, on the average.

Currently, the expenditures allocated for research and innovation activities in the country are about 0.5% of GDP - four times lower than the EU average.

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