and training local entrepreneurs Attraction programs for international entrepreneurs Combination of both programs in a business accelerator 3. Progressive dynamizationof private investment towards those areas Collaboration and joint venture agreements
of Investment Forums and Clubs of Investors with public"match"of private investment Public & private Co-investment Instruments JEREMIE CANARIAS FUND TO PROMOTE THE CREATION,
entrepreneurs and micro-SMES Reinforcement of the capital and guarantee structure of the Reciprocal Guarantee Companies to supply funding for the growth of SMES and micro-SMES Lines of co-investment in technological,
public-privateco-investment, inapercentagetobedefined. ofinalbeneficiaries: technologicalbasebusinessprojectsinearly-stagesbutwithhighpotentialforgrowthandtargetedtoglobalmarketsoinvestments: upto€500, 000 Debt instruments for technological tractor companies. €m 30) oaim:
public-privateco-investment, inapercentagetobedefinedofinalbeneficiaries: consolidatedbusinessprojectsoftechnologicalbasedcompanieswithasignificantscalet becometractorsandfacilitatorsofthelocaleconomyoinvestments: between€m3and€m20oitwillnotinvestinfirmsineconomicaldifficultiesfollowingcommun tyguidelinesonthissubject Technology parks (100m€) under current implementation: Provide location (office,
New global markets with no competition The economical crisis of traditional industry sectors could foster investment in the knowledge based economy Losing the technological race with other competitor nations Cuts
in R&d funds and investment due to the global economic crisis Cuts in Education/training funds/investment due to the global economic crisis Emigration of talented and highly qualified personnel International and National
place-based economic transformation agendas that do five important things They focus policy support and investments on key national/regional priorities,
and aim to stimulate private sector investment; They get stakeholders fully involved and encourage innovation and experimentation;
as an important innovation effort and considerable investment is required to shift towards a resource-efficient and low carbon economy,
not only investment in research or the manufacturing sector, but also building competitiveness through design and creative industries, social and service innovation, new business models and practice-based innovation.
and knowledge-based investments that are most likely to deliver growth and jobs in the regions.
The smart specialisation concept therefore promotes efficient, effective and synergetic use of public investments and supports countries and regions in strengthening their innovation capacity,
Some companies are responding to these opportunities by increasing their overall internal R&d investment which is aimed not only at implementing available technologies
because the concept of smart specialisation warns against'blind'duplication of investments in other European regions.
'which are selective investments in future-oriented domains with a high innovation and growth potential and large societal impact.
analyses of specialisation of R&d investment, publications and citations, and patent applications and citations by'field'.
prioritisation of public investment in research/education/innovation in the region (by all levels of government;
Favourable conditions for equity investment, business angels and venture capitalists; business environment favourable to the creation of new SMES;
stability of public investment in research, education and innovation; proper balance between institutional and competitive funding for innovation;
it is a time-consuming process that should be seen as an investment rather than a burden.
This includes private investments, as one explicit goal of RIS3, included in the criteria for the conditionality, is to leverage private RTD investments.
If such an analysis has not yet been initiated, RIS3 presents an opportunity to do so and will enable regions
and channelling resources towards those investments that have the potentially highest impact on the regional economy.
incubators Global talent attraction in targeted new sectors Strategic intelligence exercises (regional foresight) Complement national investments in research infrastructure Participation in national competitiveness poles/centres
for public investments in large S&t infrastructure linked to regional advantages Participation in national competitiveness poles/centres programmes (limited regional funding) Attracting FDI of knowledge-intensive companies and MNCS (infrastructure,
strengthening synergy between S&t developments and production activities S&tintensive production regions Industrial production regions including second-tier hubs in knowledgeintensive countries Investments in scientific or technology
linked to S&t infrastructure investments Competence centres and competitiveness poles relevant for regional industry Entrepreneurship and spin-off support (business plans competitions, regional venture capital funds) Incentives for regionally-relevant public research Entrepreneurship support (networks of individuals, training courses,
and export agencies Attracting national investments in vocational and tertiary education Promoting national training, lifelong learning schemes for companies and individuals Engaging regional stakeholders in external production networks Securing national infrastructure investments to enhance connectivity Source:
OECD 2011 58 Developing a RIS3 involves a degree of risk-taking, since there is always some uncertainty in the choice of priorities,
and channelling resources towards investments with a potentially higher impact on the regional economy. The distinctive elements that can guide review,
and improving their investment in R&d, facilitating innovation and promoting entrepreneurship. Cohesion Policy in fact provides the largest financial Community support to SMES through financial engineering instruments such as JEREMIE. 45 For the period 2014-2020,
They represent an aggregate European investment of more than EUR 100 billion. Some 50,000 researchers a year use them to produce 3, 000 to 6, 000 highimpact research papers annually,
and avoid duplication of investment in infrastructures similar to those already in place nearby. How to act?
Investments in existing and new RIS should combine in the most efficient and effective way the instruments
For the next programming period, the investment's priorities proposed under the Cohesion Policy cover these aspects with an emphasis on connecting universities to regional growth and developing stronger partnerships within the knowledge triangle.
and/or relevant investments; 80 Studies and investments associated with the maintenance, restoration and upgrading of the cultural and natural heritage of villages
and rural landscapes, including related socioeconomic aspects; Co-operation among different actors in the Union, agriculture, food chain, forestry sector and among other actors (including Universities) that contribute to achieving the objectives and priorities of rural development policies (e g. pilot projects;
or trying to create the conditions to attract new investment, the smart specialisation strategy builds on or constitutes the first step towards local/regional'digital agenda'.
The long-term competitiveness and innovation potential of regional and rural areas and the ability to achieve the fundamental objectives of both regional and rural policies depend on the good planning of these investments.
Barriers and challenges Europe is facing an investment challenge in the financing of high speed internet infrastructure
The large amount of investment required to achieve ubiquitous coverage80 requires a combined effort from a large number of investors from the private and public domains
the adoption of open and long-term investment models81 and the use of a range of financial tools including grants and financial engineering.
leveraging financing and investments in innovation and improved coordination and coherence between funding for research and innovation at European, national and regional level in Europe.
as well as ensuring investment in digital service infrastructures (trans-European high speed backbone connections for public administrations, cross-border delivery of egovernment services, enabling access to public sector information and multilingual
therefore to select investment models and strategic priorities that will foster the above efforts. Summarising, for the period 2014-2020 and according to the Commission legislative proposals, EU financial support for digital growth measures may come from:
assessing the most suitable investment models, 89 etc. This may take the form of a standalone'Broadband Plan'(most Member States have one at national level)
Digital growth chapter The development of a chapter for digital growth within the smart specialisation strategy will enable regions to identify the priorities for ICT investment which are pertinent to your territory.
id=158 Notably the Guide to Broadband investment: http://ec. europa. eu/regional policy/sources/docgener/presenta/broadband2011/broadband2011 en. pdf 84 based on the DAE scoreboard's90 indicators and targets,
to set up innovative investment models; to exploit pre-commercial procurement and other related innovative procurement activities including reinforcing cross border
to Broadband Investment, presenting the various models for management authorities wishing to invest in high speed infrastructure,
Provided that these investments respect the relevant regulation (telecom framework, State aid guidelines, etc. they can benefit from a wide range of EU funding instruments from the Connecting Europe Facility (CEF) and from cohesion (in less developed regions) or rural development policies.
The EBP provides assistance to regions to work through the different stages of the Guide to Broadband Investment as well as specific assistance through a range of training modules, workshops and training events.
The EBP will also continue to work on the guide on broadband investment models with the provision of additional models
of the investment priorities of the European Regional Development Fund (ERDF) as a relevant investment for the smart growth of regions. 94 KETS are seen as the route to new and better products and processes,
In addition, the Commission plans to cooperate more closely with the European Investment Bank in order to provide loan guarantees to productive investments.
Overall a coherent financial framework will be put in place in order to support all development and innovation stages of KET-related processes.
investments in cultural and creative industries (CCIS) already have a significant impact on smart, sustainable and inclusive growth.
research, education and can increase the attractiveness of regions in terms of human resources and investments. These positive impacts are highlighted in different EU policy documents and studies. 102 99 http://ec. europa. eu/enterprise/sectors/ict/files/communication key enabling technologies sec1257 en. pdf 100
the prototype profile of their activities, their lack of investment-readiness, as well as the insufficient investor-readiness of financial institutions to support them.
Member States and regions are invited to finance their cultural and creative industries through investment priorities103 closely linked to the objectives of the EU 2020 Strategy.
Strategic and inclusive approach to investments and the use of financial resources: Streamline regional, national and EU funding support to cover the different needs of the cultural and creative sectors.
Develop innovative financial instruments such as equity funds or guarantee funds to cofinance investments in the cultural and creative sectors,
in conjunction with the financial instrument that is proposed under the Creative Europe framework programme108 as a way to give leverage to private investment in this field;
Promote investments in the protection, promotion and development of cultural heritage. 109 Other investments could include:
the development and use of new information technologies (for example to promote the digitisation of cultural heritage), strengthening of entrepreneurship in CCIS,
creative hubs and clusters, networks, incubators and connected infrastructures) and soft (human capital addressing skills and training issues) investment should equally be encouraged. 107 Add reference
For more than ten years, the EU budget has been using financial instruments such as loans, guarantees and equity investment for SMES.
in order to deliver investments in projects which demonstrate appropriate repayment capacity in situations of market imperfection.
which will be ring-fenced for investments in line with the programmes concerned, for example, a guarantee facility is being launched to incentivise financial intermediaries to extend loans to SMES in the cultural and creative sectors (CCS) under the new Creative Europe Programme.
It also briefly describes the joint initiatives with the European Investment Bank (EIB), the European Investment Fund (EIF) and the Council of europe Development Bank (CEB) which promoted the implementation of financial instruments with resources provided to Member States through Regional Policy (European Regional Development Fund
) and the EU Rural Development Policy (European Agricultural Fund for Rural Development). EU level risk capital/equity instruments:
and growth of SMES in order to support the investments of such companies in innovation activities, including eco-innovation.
The 2020 European Fund for Energy, Climate Change and Infrastructure (the Marguerite Fund) is a pan-European equity fund for infrastructure investments in the transport, energy and renewable sectors.
The Fund was established as a regulated, specialised investment vehicle under Luxembourg law. The Commission, representing the EU,
but is involved not in the day-to-day management of the Fund or in individual investment decisions,
as this is the responsibility of the Management Board and Investment Committee of the Fund. 114 Policy DG in charge:
and innovation investments by sharing the underlying risks between the EU and the EIB. Together, the European commission and the EIB are providing up to EUR 2 billion (up to EUR 1 billion each) to support loans
SMEG is operated by the European Investment Fund (EIF) on behalf of the Commission (representing the EU). 116 Policy DG in charge:
which can be invested either in the form of equity, loans, guarantees or other forms of repayable investments in enterprises, mainly SMES, public private partnerships, urban development projects;
or in legal or natural persons carrying out specific investment activities in energy efficiency and renewable energies.
Joint European Resources for Micro to Medium Enterprises is an initiative of the European commission's Directorate General for Regional Policy (DG REGIO) developed together with the European Investment Fund
Joint European Support for Sustainable Investment in City Areas is a joint initiative of the European commission's Directorate General for Regional Policy (DG REGIO) developed in co-operation with the EIB and the CEB
or in legal or natural persons carrying out specific investment activities in rural areas, in accordance with the relevant rural development programmes.
EIB Group's own resources The European Investment Bank is the long-term financing institution of the European union
credit lines to banks and financial institutions to help them to provide finance to small and medium-sized enterprises with eligible investment programmes
The European Investment Fund provides financial intermediaries an integrated risk finance product range of SME finance initiatives,
101 Cost-savings for public budgets in the medium-and long-term thanks to more efficient energy or resource solutions (e g. functional requirements), Higher impact of innovation investments thanks to a comprehensive
strategy that combines R&d investments (e g. in eco-innovation) with purchasing innovations (e g. of energy efficient and low carbon buildings or transport), Higher mobilisation effect on private investors/
and return-on-investment for innovative firms. Barriers and challenges The main reasons why still too few public procurers in the EU buy innovations and why the procurement of innovation is used still hardly as an innovation support tool are:
In general, individual procurements are mostly too small for companies to make investments in innovations worthwhile.
The ERDF permits the strategic combination of investments in R&d&i capacity-building with demand-side measures in a unique manner.
but local and regional authorities are also usually responsible for implementing policies, programmes, legislation and public investments in key areas for sustainable growth and innovation such as energy, environment, transport, land-use, education
covering all shared managed funds, through thematic objectives, investment priorities, and also as a crosscutting principle.
and the less developed regions 6%.Rural development policy has also reinforced its contribution for the energy investments.
to expand and become sustainable. 166 The European Social Fund (ESF) has made significant investments in social innovations,
http://ec. europa. eu/internal market/social business/index en. htm 169 http://ec. europa. eu/internal market/investment/docs/social investment/20111207proposal en. pdf 170
4. 4 Does the document outline measures to stimulate private R&d&i investments, for instance through public-private partnerships?
as well as the problem of innovation competences, especially at the level of the future generations the ones that will benefit from the present investments in innovation
1) Stimulating business investment in research;(2) Bridging business and public research;(3) Low technology transfer rates and a weak culture of entrepreneurship Main opportunities for future regional development:(
and reach 1%in 2020 Structural Funds National funds 5 billion Euro Rank Micro-vision Required investment for reaching critical mass 1 2 3
(and targeted a similar figure from business investment). As a result of the strategy, public funding for R&d grew substantially and consistently for several years.
-an investment model for the RDI ecosystem (including a Plan for the implementation of the Strategy and an Operational program for RDI;
the sustainability of investments in RDI. 8 Data on all publicly-funded competitive Romanian RDI projects over the last 7-8 years (over 6, 000;
whether the public R&d subsidies crowd out private R&d investments. Regarding this second issue, although counterintuitive, there is empirical evidence that the funded firms are significantly more R&d active than non-funded firms (Aerts, 2008).
and the R&d investment in China. International Review of Economics and Finance, 19,180-188. Hausmann, R.,Hidalgo, C a.,Bustos, S.,Coscia, M.,Chung, S.,Jimenez, J. et al,(2011.
Thematic objectives and investment priorities...69 V. 3. Optimum policy mix and possible budget requirements...
91 Annex 2 Decription of regional investment pilot initiatives...93 Annex 3-Use of Integrated Territorial Investments for sustainable development of the West Region...
101 3 List of Figures Figure 1: Romania's GDP per capita as%of EU average (PPP, current international $)..16 Figure 2:
Productivity and investment growth (2000-2009)..19 Figure 4-Population Growth Index (2002-2011)..20 Figure 5-Population Trends in the West Region
Overview of the investment strategy and main funding sources...80 Table 19-Examples of investment pilot initiatives...
83 Table 20-Actions to be supported under the investment priority...84 Table 21-Overall outline and time frame for the development of smart specialization strategy in the West region...
86 5 Executive Summary I. The aim of the Europe 2020 Strategy, launched in 2010,
Investment priorities can be tailored to the particular needs of the region and can be promoted with regional initiatives.
which illustrate how investment can foster smart specialization in the region. These investment projects have not been appraised nor endorsed by the World bank.
This list should be considered as merely illustrative. XII. Overall, the policy instruments presented in this report constitute potential avenues for increasing the economic development of the region through enhancements in research, innovation and private sector competitiveness.
and local investments can support the West Region in developing an integrated smart specialization strategy
Second, it sets investment priorities that are tailored to the particular needs of the local industries
Third, it proposes a number of specific investment projects. While presenting directions for increasing the economic development of the region based on research, innovation and private sector competitiveness,
which illustrate how investment can foster smart specialization in the region. 8. The report is structured in five chapters following this introduction.
This policy provides a framework for financing a wide range of projects and investments with the aim of encouraging economic growth in EU Member States and their regions. 17.
defined as European Structural Investment (ESI) funds for 2014-2020, which encompasses European Regional Development Fund (ERDF), the European Social Fund (ESF), the Cohesion Fund (CF), the European Agricultural Fund for Rural Development (EAFRD) and the European Maritime
-and are to be translated into specific investment priorities12set out according to the ESI Funds specific rules. 21.
According to the latest version of the regulation for cohesion policy, strengthening research, technological development and innovation can to be achieved mainly through the following investment priorities under TO1:
i) promoting business investment in innovation and research; ii) developing links and synergies between enterprises, R&d centers and higher education, in particular product and service development, technology transfer, social innovation and public service applications, and demand stimulation;
Promoting investments under TO3 is crucial in order to enhance the results achieved under TO1. 22. Against the Cohesion Policy backdrop, the European commission has sent recently position papers to the Member State authorities with preliminary views and guidelines for the development of the Partnership Agreement and programs for the period 2014-2020.
The horizontal TO11 is essential for underpinning the investments promoted under the remaining TOS. 11 For Romania,
but they are more or less similar. 12 Investment priorities set out detailed objectives, which are not mutually exclusive, to
These investment priorities should form the basis for the definition of specific objectives within programs. 13according to the Annex V of the draft General Regulation (http://ec. europa. eu/regional policy/what/future/proposals 2014 2020 en
place-based economic transformation agendas that focus policy support and investments on key national or regional priorities,
and aim to stimulate private sector investment. These policies, which are evidencebased and include sound monitoring
which in turn has been driven by strong investment. Over the previous decade, the West experienced the highest growth in output per worker among the comparator regions
Geographica Pannonica, 4, 5-13.17 It is worth noting at this stage that productivity growth is assumed not to be determined only by investments in machinery.
Productivity and investment growth (2000-2009) Source: Calculations based on data from Eurostat: Gross fixed capital formation by NUTS 2 regions nama r e2gfcf;
This has contributed not only to significant investment and job creation, but has played an important role in integrating the West Region ever more tightly into the European economy. 66.
and apparel company established in Timisoara in 1995 through foreign investment from Italy. While they initially produced basic items like cotton t-shirts and bags
Increasing dominance of foreign direct investment (FDI) with weak links across firms and to local suppliers 69.
the West benefited significantly from the rush of foreign investment into the country. Component suppliers linked to Germany's automotive sector,
in particular, made heavy investments in the West during the early part of the 2000s. This was based primarily on a simple strategy of leveraging the wage advantages of Romania
the growth of the automotive sector in the West became almost exclusively a story of foreign investment.
however, that despite these trends, the West Region remains only the fourth largest recipient of foreign investment in the country, behind Bucharest, Centre,
and Continental have expanded from their initial investment and now operate multiple facilities in the region.
along with Continental and other investors, have complemented labor intensive assembly operations with investments in R&d center.
or support potentially high growth companies to unleash latent comparative advantage through, for example, R&d and innovation policies, investments in skills formation,
As a result of the retrenchment in private sector investment, the government has become one of the most important clients for construction companies in the West Region.
Other bottlenecks include reduced public administrative capacity for complex investment tourism-related projects, and the lack of regional integrated tourism products to be sold on local and foreign tourism markets. 87.
it will propose investment priorities that best fit the specific development needs of the West Region,
as well as concrete competitiveness and smart specialization regional projects to be supported under these investment priorities. IV. 2. Horizontal policy areas that impact West Region economy 88.
This will require investments to improve the links between universities (as well as vocational training facilities) and employers.
It may also pay to make strategic investments in promoting disciplines and skills that are likely to be the cornerstones of the region's future economy. 91.
Lack of investment in lifelong learning makes the region's labor force unable to adapt to changing skills requirements resulting from shifts in industry structure and technology.
Recent investments by some of the existing large automotive companies to establish second plants in Hunedoara
In addition, other firms complained that reimbursements for investments pre-financed by the company may extend past the date specified in the contract. 103.
Either the company borrows the whole amount for the necessary investments or it takes advantage of the EU resources
The Investment Portfolio Review Committee has responsibility for overseeing the management of Enterprise Ireland's investment portfolio
and for maintaining an oversight of the investment activity of funds supported by Enterprise Ireland under the various seed and venture capital programmes.
Closing the gap on financing for the acquisition of productive investments in new technology and machinery plays a key role for the textile sector.
or better financing terms on productive investments, especially on acquisitions of new technology and machinery.
and will be listed in Chapter 5 (and presented in Annex 2) as part of a set of potential investment pilot initiatives. 62 Table 16-Overview of weaknesses,
weak links across firms and to local suppliers Lack of cooperation between R&d institutions Limited information regarding the research sector, business and market opportunities, business support, national and local investment projects,
subsidies and better financing terms on productive investments, especially on acquisition of new technology and 64 manufacturing.
Meeting the two percent goal of regional GDP to be devoted to research and development would require substantial investments in the West region.
As a result, private sector investment in R&d in the region should be around 160 million Euro in 2020, a substantial increase from the modest 2010 level of 4. 14 Million euros. 46 137.
This chapter highlights a set of investment priorities tailored to the particular needs of the local industries
the chapter does not provide detailed measures for infrastructure enhancement due to the fact that infrastructure investment priorities are eligible for EU co-financing in the 2014-2020 period only if linked to a national transport master plan,
and the investment priorities that can be promoted at the regional level and proposes a number of specific investments.
V 1. Thematic objectives and investment priorities 140. Out of the eleven TOS defined by the EC,
five fit best the specific development needs of the West Region. Investments priorities to be identified in the next subsections can be financed from different ESI funds,
including the ERDF. Whereas, investments promoted at national level, through other programs, can also be implemented,
the current proposal focuses on investments that can be financed with regional initiatives. Thematic Objective 1:
Strengthening research, technological development and innovation 141. The need to strengthen research, technological development and innovation is motivated by the low level of R&d expenditure in the West Region-only 0. 22%of regional GDP in 2010,
but such investments are still at early stages. Further investments are needed to support business research and innovation,
to develop linkages and synergies between enterprises, and to improve R&d infrastructure in the region. 142.
This would require complementary investments in spa and wellness tourism, ecotourism and active tourism, which can be financed under the TO6.
Improvements in the institutional framework are needed to maximize the efficiency of investments in research, development and innovation, through the creation and consolidation of specialized institutions,
Such solutions can include the creation of investments funds with joint support from EU funding.
investments in educational infrastructure should be sustained through ERDF measures. These partnerships can be envisaged as self-sustained projects,
or as part of integrated projects for investments in research and innovation. Thematic Objective 11: Enhancing institutional capacity and an efficient public administration 153.
Specialized institutions are required to ensure the success of smart specialization investments. One or more administrative bodies are needed
which can coordinate investment implementation and can oversee a rigorous process of monitoring and evaluation.
The proposed investment priorities envisage a mix of interventions aimed at (i) fostering the research and innovation potential of the sectors and actors with potential and interest in this regard,
and (ii) increasing the capacity of SMES to consolidate their position in the market, through innovative and sustainable investments. 156.
In this regard, investments priorities are designed to leverage the natural and cultural heritage of the region,
Productive and smart investments can only be complemented successful if with adequate interventions to ensure an appropriate skills match.
Besides soft measures, investments in educational infrastructure have to be continued in order to ensure equal access to education standards of a high standard. 158.
The specific objectives and selected investment priorities identified under these three priority axes are described in the following subsections.
The first investment priority under this axis is to enhance the regional research and innovation infrastructure and to promote centers of competence.
The specific objectives of this investment priority are to:(i) increase the research and innovation capacity of the region aiming to create new products and technologies;
Major universities in the region have started to invest in technology transfer, but such investments and need to be exploited better
Under this investment priority projects that promote meetings and encourage connections between enterprises will be prioritized, particularly collaborative projects between two or more SMES. 74 163.
The second investment priority encompasses two goals: to promote business investment in innovation and research,
and to develop links and synergies between enterprises, research and innovation centers, and higher education for the development of products and services, technology transfer, and networking.
The specific objectives of this investment priority are to:(i) Promote the transfer of knowledge and innovation in regional economy;
The technology parks already active in the region would benefit from investments in upgrading. This would support the development of the existing research potential
in order to develop investments in research and innovation that could generate products and services with high added value.
Measures and projects supported under this investment priority can include: support for the incorporation of ICT in the tourism, textile and agrofood industries;
The third investment priority under the current priority axis is to support SME growth and help companies increase innovation capacity.
The specific objectives of this investment priority are to:(i) contribute to the EU 2020 strategy by increasing the level of employment;(
Measures financed under this priority investment will aim to support SMES to develop their capacity for technology adoption and innovation.
An example of action that can be financed under this priority investment is the creation of an agro-food stock-exchange center.
The fourth investment priority is to enhance the growth potential of the rural areas by investing in the agro-food sector.
The specific objectives of this investment priority are to:(i) improve the competitiveness of the agricultural sector;
i) restructuring of farms, in particular through on-farm investments, financing for processing, marketing and development of agricultural products and investments in support infrastructure;
Measures under this investment priority should also promote food chain organization and risk management in agriculture by:(
and (ii) assisting farmers with risk management and financing investments in preventive and restoration actions. 170.
The fifth investment priority aims to support the development of innovative finance capacity. The specific objectives of this investment priority are to:(
i) create new financial mechanisms to accelerate economic development; and (ii) create a regional development fund.
which focuses on investments in SMES located outside the country's capital, Tbilisi, and those operating in the agro-food sector.
The Fund's 30 million USD portfolio comprises investments in fishing, fruit concentrate production, ecotourism hotels, and furniture.
As one of the main problems for investments at SMES level represents the lack of adequate financing opportunities, the introduction of a regional development fund,
This fund could act as a manager for investments in SMES located in the West Region,
and can administrate combined interventions of reimbursable funds and grants for productive and innovative investments, under the umbrella of the Regional Operational Programme.
The sixth investment priority is to develop an institutional framework to support innovation in West Region.
The specific objective of this investment priority is to ensure the management of smart specialization investments. 173.
A proper implementation of smart specialization investments requires an administrative entity that can coordinate, monitor and evaluate investment progress,
in order to identify potential bottlenecks and find appropriate solutions. In this context, the goal of an institutional framework to support innovation in West Region is to ensure the effective and 50 This investment priority could be financed through ERDF and/or EARDF 76 efficient commissioning and implementation of smart specialization investments
and to maintain dialog and coordination with regional actors and with national authorities. 174. In this context, an innovation center for the West Region could act as an agency on behalf of regional authorities
Specifically, it could oversee the commissioning, continuity and expansion of smart specialization investments, as well as their coordination and synchronization with other instruments or policies.
The first selected investment priority under this priority axis is to protect, promote and develop the regional cultural and natural heritage.
The specific objectives of this investment priority are:(i) the restoration and sustainable use of the cultural heritage and the modernization or introduction of supporting infrastructure;
The second investment priority is to protect and restore soil and biodiversity and to promote ecosystem services including NATURA 200051 and green infrastructure.
The specific objective of this investment priority is to protect and promote the bio diversity of the national parks of the West region.
The first investment priority under this priority axis is to improve the skills and competences of the labor force in order to best meet market needs.
The specific objectives of this investment priority are:(i) increasing the share of population with tertiary education;
and is one of the most important bottlenecks that have to be addressed through future investments.
The second investment priority under this priority axis is to invest in education, skills and lifelong learning by developing education and training infrastructure.
The specific objective of this investment priority is the rehabilitation, modernization, development and expansion of pre university, university education and continuous vocational training infrastructure. 182.
Investments that have started under the current period should continue in order to build an appropriate educational infrastructure endowment at the level of the region. 183.
In addition to the investments priorities under the overall priority axes described above, local road and transport infrastructure has emerged as a key issue for the competitiveness of 78 the private sector in the region.
The chapter does not provide detailed measures for infrastructure enhancement due to the fact that infrastructure investment priorities are eligible for EU co-financing in the 2014-2020 period only if linked to a national transport master plan,
At national level, investment priorities could concentrate on supporting (i) the national institutes for research and development, structures under the coordination of the Romanian Ministry of Education,
At regional level, the investment priorities could concentrate on regional competitiveness enhancement and smart specialization and need to envisage a mix of interventions aimed at (i) fostering the research and innovation potential of the sectors and actors with potential and interest in this regard,
through innovative and sustainable investments. The projects to be financed under these two thematic objectives have to be in line with the national research and innovation strategy for smart specialization,
supports both national and regional investment priorities. At national level, the priorities could focus on supporting water
while at regional level, the investment priorities could concentrate on investments financed from ERDF, such as protecting, promoting
which can be financed from ERDF and ESF, supports both the national and regional investment priorities.
At national level, these investment priorities could concentrate on type of actions which can be supported by the ESF,
The detailed program overview, including specific objectives for each investment priority are presented below, along with the potential financing sources which can include national, local,
Overview of the investment strategy and main funding sources Priority axis Thematic objective Investment priorities Specific objectives corresponding to the investment priorities Financing resources/programme 1
and promoting centers of competence Contribute to EU 2020 strategy by increasing the investments in research and development Increase the research
technological development, innovation and business development National, local and EU financing West Regional Operational Programme 1. 2. Promoting business investment in innovation and research and developing links
technology transfer and networking Contribute to EU 2020 strategy by increasing the investments in research and development Promote the transfer of knowledge
and innovation process Contribute to EU 2020 strategy by increasing the investments in research and development Contribute to EU 2020 strategy by increasing the level of employment Supporting access to international markets Promoting the diversification of activities with modern technologies National,
local 81 Priority axis Thematic objective Investment priorities Specific objectives corresponding to the investment priorities Financing resources/programme of
and an efficient public administration. 1. 6. Developing institutional framework supporting innovation in West Region Ensure the management of smart specialization investments National,
West Regional Operational Programme 82 Priority axis Thematic objective Investment priorities Specific objectives corresponding to the investment priorities Financing resources/programme 3. Education
The operationalization of the measures highlighted above encompasses, in some extent, the implementation of investment projects.
and smart specialization investment pilot initiatives that could be developed and implemented starting with 2014. These investment projects have not been appraised nor endorsed by the World bank.
This list should be considered as merely illustrative. Additional details regarding these potential pilot initiatives are provided in Annex 2. Table 19-Examples of investment pilot initiatives 1. Innovation center for the West Region which could play a key role in the promotion
of the innovative potential of the region 2. A ICT competitiveness pole 3. A regional development fund focused on financing innovative projects in the West Region 4. Upgrade of the existing industrial parks
Table 20 below outlines the manner in which the overall proposed actions respond to each investment priority,
along with the best modalities to finance projects under each investment priority, and suggests types a set of general results indicators. 53 Established at the national level as part of the EU 2020 Strategy. 84 Table 20-Actions to be supported under the investment priority Investment priorities
Proposed pilot initiatives Guidelines for selection of operations/Financial instruments Results indicator 1. 1. Enhancing R&i regional infrastructure
2. Promoting business investment in innovation and research and developing links and synergies between enterprises, R&i centers and higher education in particular products and service development,
sector Restructuring of farms, in particular through on-farm investments, investments related to the processing, marketing and development of agricultural products or investments in infrastructure for the development and adaptation of agriculture;
Call for projects Number of farms supported Number of SMES in rural areas created/developed 85 Investment priorities Proposed pilot initiatives Guidelines for selection of operations/Financial instruments Results indicator
and mechanism Call for projects Number of jobs created No of SMES assisted 1. 6. Developing institutional framework to support innovation in West Region Setting-up an institution responsible for managing smart specialization investments Number
and equipping of pre university, university education and vocational training infrastructure List of preselected projects identified in the Regional Development Plan Service capacity of supported education infrastructure 86 Investment
Table 21-Overall outline and time frame for the development of smart specialization strategy in the West region Key actions Investment priorities Time frame I. Improve the institutional framework supporting
First tranche of contracts concluded by June 2015 1. 2. Promoting business investment in innovation and research and developing links and synergies between enterprises, R&i centers and higher education in particular products and service development
First tranche of contracts concluded by June 2015 1. 5. Supporting the development of innovative finance capacity for regional development Design the investment fund project by mid of 2014
using TA funds from the current programme Setup the investment fundend of 2014.87 III. Priority Axis 2 2 1 Protecting, promoting
Priority Axis 3 3. 1 Improving skills and competences required in labor market Correlate the investment priority with the Human resources Programme financed under European Social Fund
provision of tax incentives, subsidies and better financing terms on productive investments, especially on acquisition of new technology and machinery as a way to support the development of new design or products;
specific investment priorities were identified. In order to help meet the goals of the EU 2020 strategy, these investment priorities aim to:
increase financing in research, development and innovation process in the West Region (priority Axis 1);
These investment projects have not been appraised nor endorsed by the World bank. This list should be considered as merely illustrative. 201.
definition) 93 Annex 2 Decription of regional investment pilot initiatives The table below lists 14 examples of competitiveness
and smart specialization investment pilot initiatives that could be developed and implemented starting with 2014. These investment projects have not been appraised nor endorsed by the World bank.
This list should be considered as merely illustrative. Pilot initiatives Brief overview 1. Innovation center for the West Region which could play a key role in the promotion of the innovative potential of the region.
monitor and evaluate investment progress in the region, in order to identify potential bottlenecks and find appropriate solutions.
In this context, the goal of an institutional framework to support innovation in West Region is to ensure the effective and efficient commissioning and implementation of smart specialization investments,
which could be used to identify investors, co-operation partners and innovative investments. Innovative software applications would greatly also enhance the competitiveness of the tourism sector.
This regional fund could support public-private infrastructure investments and guide the available funding towards innovative projects.
and facilitate collaboration on research projects. 101 Annex 3-Use of Integrated Territorial Investments for sustainable development of the West Region For the 2014-2020,
One of these instruments Is integrated the Territorial Investment (ITI), which is defined as being a territorial development tool that enables the implementation of a territorial strategy in an integrated manner
Integrated Territorial Investment for Timisoara Arad growth pole. Under the current EU financed program-Regional Operational Programme 2007-2013, Timisoara and Arad are considered under distinct definitions.
Integrated Territorial Investment Jiu Valley. Jiu Valley can become a flourishing area if appropriate measures are taken.
without other job opportunities and low level of attractiveness for investments bearing a permanent declining since 1990.
and promoting investments under different operational programs, as part of the regional development plan for the West Region;
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