Serbia is aiming to enhance its international competitiveness and boost economic growth by fostering collaboration between scientists and innovators, promoting developments in artificial intelligence (AI) and biotechnology and mobilizing private capital. The World Bank has announced an additional financing of 25 million euros through the Project for the Acceleration of Innovation and Growth of Entrepreneurship in Serbia (SAIGE).
These funds will be allocated to the Fund for Science and the Fund for Innovative Activities of Serbia, serving as an incentive for innovative entrepreneurship. This initiative aims to create applicable ideas and solutions in areas such as green transition, e-mobility and healthcare.
Part of the funding will also support the establishment of the BIO4 campus, a key project designed to position Serbia as a European hub for the bioeconomy. Nikola Pontara, the director of the World Bank office in Serbia, stated that the country is on the right path, increasing investments in research and development to engage the private sector and improve the innovation ecosystem, thereby boosting productivity and competitiveness.
Serbia has made significant progress over the last decade, earning the title of “innovator on the rise” in the European Innovation Scoreboard, which evaluates the research and development achievements of EU member states and other European countries.
To sustain this upward momentum, Serbia must enhance its financial support for research and development, reform its scientific research institutions, increase patent and design applications, and support the development of innovative businesses.
