By pooling know-how and financial resources the region stands a better chance of finding innovative solutions for problems we all face including COVID-pandemic, enormous air-pollution during winter period, dirty energy as opposed to green energy, digital upskilling, sustainable food production and so on. The key benefit of such fund would be to respond to key regional challenges by providing innovative solutions, thus incentivising regional economic recovery and creating high-skill labour jobs, while at the same time reducing brain-drain by motivating young creative people to stay in the region.

All economies agreed this initiative may be very useful for the region and should be pursued further. To set things in motion, the RCC, WEF and innovation funds from North Macedonia and Serbia have been tasked to prepare an overview of possible model(s) of a prospective regional innovation fund. The drafts of proposed models will be shared with the Working Group 1 prior to the second meeting that is to take place end of May.

The online meeting was co-organized by the RCC, the WEF, and the Fund for Innovation and Technological Development of North Macedonia.

Original source: https://www.rcc.int/news/619/regional-innovation-fund-could-trigger-economic-recovery-of-the-western-balkans