The BBI will create new jobs, especially in rural regions, and offer Europeans new and sustainable products sourced and produced locally. Making the economy more sustainable by using renewable resources in a smart and efficient manner will benefit society as a whole.
Bio-based industries will increase the competitiveness of the European economy through re-industrialisation and sustainable growth. New value chains will be created between often unconnected sectors, ranging from primary production and processing industries to consumer brands.
The development of new bio-based products and markets based on smart and efficient use of resources will diversify industries’ revenue streams. The BBI should therefore enable European companies to be more competitive in the global bioeconomy race with the US, China and Brazil.
The BBI is expected to bridge European research knowledge with commercial scale bio-based products, making full use of European scientific and technological knowledge.
The BBI should benefit all Member States where regions can play an important role through their Smart Specialisation Strategies.