site.btaBulgarian Innovation Minister, Finnish Economy Minister Discuss Bilateral Innovation Cooperation

Bulgarian Innovation and Growth Minister Milena Stoycheva and Finnish Minister of Economic Affairs Wille Rydman discussed opportunities for bilateral cooperation in the field of innovation. They held a working meeting Friday in Helsinki within the framework of the Bulgarian delegation's participation in SLUSH 2023, a startup and tech event, the Bulgarian Innovation and Growth Ministry said in a press release. The forum was also attended by Bulgarian Deputy Minister of Innovation and Growth Martin Gikov, Bulgarian Ambassador to Helsinki Nina Simova, and Finnish Ambassador to Sofia Kristina Kuvaja.

Stoycheva stressed that her ministry aims to develop innovation in Bulgaria by creating a favourable environment for investment, promoting research and development, supporting the entrepreneurial and start-up ecosystem and effectively allocating funds to Bulgarian businesses.

She presented the Innovation and Growth Ministry’s goal to build a network of innovation valleys in the region. The idea is to strengthen cooperation between Southeastern European countries in the field of new technologies, digitalization, scientific excellence and to develop the entrepreneurial and startup ecosystems.

Rydman explained that the current geopolitical environment presents Finland with various economic and innovation challenges. He pointed to the demographic crisis as another difficulty facing the Finnish government.

Stoycheva and Rydman also discussed artificial intelligence, robotics, microelectronics, healthcare, culture and creative industries as areas where Bulgaria and Finland could deepen their economic relations. The two sides agreed to start work on a memorandum on cooperation in innovation between the two ministries.

Rydman explained that Finland is facing various economic and innovation challenges in the current geopolitical environment. Another difficulty facing the country is the demographic crisis, he said.

Stoycheva and Rydman also discussed artificial intelligence, robotics, microelectronics, healthcare, culture and creative industries as areas where Bulgaria and Finland can deepen their economic relations. The two sides agreed to start work on a memorandum on cooperation in innovation between the two ministries.

During her working visit to Helsinki, Stoycheva also met with Hannu Kemppainen, Executive Director of the Business Finland trade, investment and innovation agency. "Attracting high-tech investments for services and products with high added value in the Bulgarian economy is a top priority," Stoycheva said, adding that Bulgaria has the capacity to be a leading country in the development of new technologies and is an attractive location for potential investors thanks to its macroeconomic and financial stability.

Since the beginning of 2023, a record number of foreign direct investments have been made in Bulgaria for the last decade. She added that amendments to the Investment Promotion Act are to be voted, providing for the introduction of modern measures, transparency, increased state aid and various financial and non-financial mechanisms to encourage investors.

The two sides agreed to continue their talks on opportunities to implement best practices from Finland in Bulgaria and to work on the implementation of the bilateral cooperation agreement to increase the research and development potential and the investment capacity of the two countries.