Serbia to Enhance Competitiveness by Boosting Science-Innovation Links, Artificial Intelligence and Biotech, with World Bank Support

WASHINGTON, September 26, 2024-Serbia wants to boost its international competitiveness and accelerate economic growth by strengthening the links between scientists and innovators, supporting artificial intelligence (AI) solutions and biotechnology, and mobilizing private capital. To support these efforts, the World Bank approved today EUR 25 million in additional financing through the Serbia Accelerating Innovation and Growth Entrepreneurship (SAIGE) Project.

The new resources will be directed to Serbia's Science Fund and the Innovation Fund, key institutions that have played a transformative role in building and consolidating the science and innovation ecosystem in Serbia.

These funds will foster innovative entrepreneurship, including through the application of AI, to provide ideas and solutions applicable to the green transition, e-mobility, and clinical healthcare. A portion of the project resources will also back efforts to start the BIO4 Campus, a flagship initiative that aims to turn Serbia into a bioeconomy hub in Europe.

"Serbia is doing the right thing: it is stepping up investment in research and development to crowd-in the private sector and improve the innovation ecosystem to boost the productivity and competitiveness of the economy,'' said Nicola Pontara, World Bank Country Manager for Serbia. "Serbia is also a regional leader on AI, which should be utilized in a safe, secure, and trustworthy manner."

In the last decade, Serbia has made steady progress to become an emerging innovator, according to European Union's Innovation Scoreboard. To build on this success, Serbia needs to further strengthen the competitiveness of research grants, reform research and development institutes, increase patent and design applications, and support the growth of innovative companies and practices.