Pellegrini: Innovation Investments Driving Force in Economic Growth

Deputy Prime Minister for Investments and Informatisation Peter Pellegrini (stock photo by TASR)

Bratislava, October 27 (TASR) – A Slovak-American Innovation Fund will be set up to support innovations for smart cities, stated Deputy Prime Minister for Investments and Informatisation Peter Pellegrini (Smer-SD) at an Investment Forum organised as part of the 5th GLOBSEC Tatra Summit international conference taking place in Bratislava between October 27-30.

The conference is one of the key events of Slovakia’s Presidency of the EU Council.

Pellegrini pointed out that the constantly changing real and online worlds are modifying the way in which people live and work. According to him, European leaders must promote new and more demanding innovations in order to ensure job creation and economic growth.

“The European Union’s future is linked to its ability to innovate. Governments play an important role in supporting innovations,” said Pellegrini, adding that governments should create a suitable environment for creative people, innovative companies and research centres.

According to the deputy prime minister, the aid must stem from an appropriate legal and regulatory environment, a modern education system, a high-quality public sector, available funding and strong public support.

Pellegrini sees investing in innovations as one of the driving forces behind economic growth. Investment funding remains a major challenge for the EU, he stated. “A healthy combination of policies should combine several elements, including long-term financing as well as a well-functioning capital market that would be able to fund the most promising projects,” he said, adding that cooperation between industry and the academic sector is key.

Moreover, the Slovak Government is constantly trying to create a broader portfolio of available tools to finance innovation by the use of financial resources coming from both the private and public sectors. “In this regard, I’m pleased to announce our plan to create the Slovak-American Innovation Fund, which will support innovation for smart cities,” said the deputy prime minister.