site.btaEconomy Minister Highlights Role of Industry in Green and Digital Transition

Caretaker Economy and Industry Minister Petko Nikolov spoke on Friday at the third and final day of the Green Transition Forum 4.0 in Sofia during a panel on "Unlocking Potential: Stimulating Innovation in CEE". The forum is organized by Dir.bg и 3E News, and BTA is media partner.

Nikolov emphasized the importance of a proactive industrial policy to bolster the continent's global industrial standing and decrease its reliance on critical sectors such as energy, critical raw materials and digital technologies. He also highlighted the role of innovation support in achieving these goals.

"The green and digital transition cannot happen without industry, especially energy-intensive sectors. The mining and production of metals and rare earths, along with innovation, are at the heart of green and digital technologies," Nikolov said.

He also highlighted that the green transition poses significant challenges to energy-intensive industries, which play a crucial role in the Bulgarian economy and exports. The chemical industry, metallurgy, metal processing, mechanical engineering and electrical engineering are vital to the value chain and impact many other sectors. Due to Green Deal requirements and electricity prices, Bulgarian companies in these industries are investing heavily in innovative technologies and renewable energy capacities with the aim of full decarbonization, sometimes beyond their financial capabilities. These industries are also essential for the regions' socio-economic development.

Nikolov emphasized the need for greater EU support and a plan for industry reform through technological modernization and digitalization. He recalled that the Ministry of Economy and Industry is drawing up a National Industrial Strategy with support from the European Commission. The Strategy will cover two key sectors of the economy that are both high carbon and energy intensive - manufacturing and extractive industries. The strategy will identify the actions needed for the green transition: reducing the carbon footprint, increasing the digitalization of production, improving resource and energy efficiency, and introducing innovative and circular production models.

BTA is providing comprehensive coverage of the event, with full recap of Day 2 and full recap of Day 1.