GSS EU Science Funding Gateway

European innovation policy must place a greater emphasis on promoting innovation in less-developed regions to trigger economic recovery in regions the local economies and societies suffered from the recent closing down of industrial plants and sites, which had once offered lots of jobs in these regions and has thus ensured a level of prosperity for the local population. Aiming at achieving a sustainable and inclusive industrial transformation, Europe needs to develop new industrial policies relaunching productivity growth in regions suffering most from COVID-19 and economic situations of radical change. This will also help to achieve a competitive social market economy in Europe that seeks to guarantee a balance in living standards and economic conditions between urban and rural areas as well as regions.

The coordination and support action should network the stakeholders across entire innovation value-chains and regional development programs. A holistic approach is needed, mobilizing a diverse set of players from private and public organisations. The translation of an industrial revitalization into integrated business development solutions across disciplines should be envisaged and sustainable and inclusive regional-specific business development strategies should be proposed to be taken up. In particular, the key actors in the region, who have a “gravitational pull” should play a key role should be identified and involved.