Innovation in public sector activities can lead to greater societal benefits. The European Union faces the problem of dealing with crises from lack of economic growth.
The public sector is dealing with long term issues from financial problems to youth unemployment. There is a lack of social infrastructural facilities, and increasing cost of healthcare hindering economic development. What’s needed is a strategy to counter this phenomenon – and one that rests on some solid groundwork. A qualitative and quantitative growth of innovation in public sector activities can improve the processes or services in the economy.
The European Union Collaboration
The European Union has recognized the emerging importance of private sector. Governments can form partnerships with the private sector to aid economic development at a faster pace. In fact, the E.U. recently stated that, “When public and private sectors will collaborate, the European Regions will develop on a higher note.”
The European Commissioner for Development Cooperation Mr. Neven Mimica announced on a similar tone that economic development can happen with public and private sector collaboration.
Public and private sector collaboration in the European Union will prove to be a positive impact for investments in the member countries. The private sector can play an important role in EU with financial and non-financial means in areas such as research, innovation, technology up-gradation & transfer, and business development.
Bigger Role in EU’s development – The Collaboration
While investments speak of a bright future, there needs to be a check on the actions of private companies. Private companies need to work in a responsible way.
Increased focus on infrastructure development and SME’s with emergence of public and private partnerships can bring in increased long-term investments. The E.U. has designated a 2014-2020 funding cycle for this purpose, funding in many projects partly while the rest comes from public and private players.
The collaboration has led to newer markets, smoother working of policy structures, improved infrastructure and improvement in quality and quantity of production. The developments mean increased job opportunities and development of the primary, secondary and tertiary sectors of the country in question.
MED works to help and support the Collaboration earn great results for the European Union.