"A well-established system of development and research, and above all an effective system of applying know-how in practice can make a key contribution to the development of agriculture, the food processing industry and forestry in the future," Pivec said, according to a press release from the Agriculture Ministry on Tuesday.

It also helps create jobs in rural areas and an attractive and innovative environment for the young, the minister said. Slovenia recognises the importance of research in this field and is also a part of the Bioeast initiative for knowledge-based agriculture, aquaculture and forestry in the bioeconomy.

The European Commission proposes for the 2021-2027 period EUR 10 billion for research and innovation projects focusing on challenges related to biodiversity, natural resources, agriculture, forestry, rural areas, food supply, bio-based innovation systems and circular economy.

"The development of sustainable bio-based economy is a great opportunity for the development of Slovenia's countryside in cooperation with key sectors that treat biomass as an important raw material," the minister was quoted as saying.

"It is equally important to look for and ensure the complementarity with other policies of the department, funding instruments and sources because bio-base economy is distinctly interdisciplinary and demands such an approach."

The development of bio-based economy in rural areas could help bridge the gap between urban and rural areas, which is key to preserve the vitality of the countryside, the minister also said.