2nd June 2015 saw the approval of the 2014-2020 Interreg MED Cooperation programme by the European Commission. The approval of the programme lays out millions of Euros in funding that has the potential to significantly change the economy.
The problems of the MED space are a bit different than the problems in E.U. For instance, the younger population is less in the MED space while the elderly population is more. The MED programme helps fund in private partnerships that can help grow the economy. Choosing a partner involves addressing the different challenges that lie ahead.
Working on the Challenges
Choosing the right partner for a MED project for any Government can be an area of concern. They have to look at different factors including how to invest in smart growth. With competition increasing and need to meet the objectives of the 2014-2020 Interreg MED Cooperation programme, Governments need to look at blue and green growth. This can be done by investing higher in R&D as well as making industries more competitive. Research and innovation continues to be the frontrunners that drive business growth and a strategy that works in the longer run.
The other challenge is to focus on sustainable growth. There is a need to choose a partner who can work towards creating a sustainable future and a business model that’s viable in the longer run. Increasing pollution and pressure on economic and natural resources means that the potential to expand the production of renewable energies need to be focused on. While cooperation between stakeholders can help, a more sustainable approach towards developing Mediterranean cities needs to be adopted. This needs to be done while preserving the natural flora and fauna and reducing marine pollution.
A focus on inclusive growth and its prospects needs to be studied too. The right partners can bring in employee and labor mobility and combat long-term unemployment rate. Human capital is one are where MED countries need to improve upon, with higher skills and high quality training meaning a direct boost in productivity levels. This can also mean lesser number of school dropouts and less drain of human resources.
Partnerships with SME’s can benefit the Government in generating employment and dealing with rising unemployment rate. With investment in R&D, it can also lead to better innovation and technologies that directly aid in bettering technologies. MED regions have a lot of biodiversity and natural resources at hand. With water energy abundant, investing in renewable energy can be an important driver for economic development. Your partner for the MED project needs to be able to address these challenges and aid in better growth of the economy.
