Bio-economy as a concept of development strategies in the European Union

Abstract

The aim of the study is to present the concept of bio-economy and its development factors, as well as the analysis and evaluation of the use of the bio-economy concept in shaping development strategies in the European Union. Particular attention is paid to bio-economy as part of a sustainable development strategy, implementation of innovations and formation of smart specialization of regions. On the basis of available literature and documents of the European Union, as well as other institutions, bio-economy is presented as a new economic category, and bio-economy development factors and bio-economy itself are presented as a strategic planning tool. One of the key conclusions is the statement that bio-economy, which constitutes an important sector increasing in significance within the real economy, is a new interesting analytical and cognitive concept in economics and also a useful tool in strategic planning development.