Europe’s regions should adopt Smart Specialisation Strategies (S3) if they want to succeed in the global economic race, said Dominique Foray, Professor at the Ecole Fédérale Polytechnique de Lausanne, at an EIB Institute seminar. Professor Foray is one of the developers of the Smart Specialisation concept, which has become a crucial part of the EU’s cohesion policy and a pre-condition for EU structural funds.

The concept is about regions identifying a few strategic domains in which they can specialise based on their existing strengths and potential, to boost economic growth, job creation and community building.  Regions should not target sectors – which are too broad – but rather activities aiming to transform the sectors where they can realistically reach a critical mass. Supporting biotech and fisheries (Galicia) or advanced manufacturing with environment and energy (Basque Country) are good examples of Smart Specialisation. All stakeholders are strongly involved in the identification and selection of the activities to be supported (bottom-up approach).

So far, over 100 Smart Specialisation Strategies have been developed across the EU.

Click here for the presentation.