Bulgaria to Invest Nearly BGN 3 Billion in Business Innovations

Jerusalem, 8 August, 2022 (TPS) -- SOFIA, 07.08.2022 (BTA)
The new Operational Program Innovation and Competitiveness (OPIC) will be sent next week for final approval by the European Commission (EC). Almost BGN 3 billion ($1.57 billion) will be invested in the development of Bulgarian business under the OPIC, the Ministry of Innovation and Growth said on Sunday.

OPIC will provide support mainly to micro, small and medium-sized enterprises (SMEs). High-tech start-ups, as well as those at various stages of development, will be supported. Partnerships between SMEs and large companies for the development and implementation of new technologies and innovations will be stimulated.

Bulgarian businesses will be able to use both grants and financial instruments. The ratio of the two types of funding under the program is almost 1:1. Combining the use of financial instruments and grants is done for the first time. Thus, SMEs and large enterprises will be able to improve their energy efficiency after an energy audit and become more energy independent.

OPIC’s main priorities are “Innovations and Growth”, and the “Circular Economy”. Investments in innovations and growth will be aimed at scientific research and development activity in enterprises, increase of export potential, creation of new or development of high-tech companies, and protection of patents, and industrial property. The digitalization of enterprises, the increase of cyber security, the confidentiality of data in SMEs, and the skills of personnel to work with the technologies of Industry 4.0 will be promoted. The modernization of family businesses and those in the creative industries and crafts will be supported.

As a part of the second priority, funding will be provided for more efficient use of resources the development of new green production lines, increasing the use of by-products and secondary raw materials, improving recycling, reduction of hazardous substances, waste, etc.

The first procedure under OPIC will have a budget of BGN 127 million and will be aimed mainly at SMEs from various sectors of the economy. An opportunity for partnership between SMEs and large companies will also be foreseen. Companies will apply for grant funding for scientific research and the implementation of innovative solutions for their productions. The program is implemented by the Ministry of Innovation and Growth.