A Memo of Understanding for opening the first Regional Hub for Social Innovations was signed Thursday at Skopje Faculty of Computer Science and Engineering (FINKI).

The Hub, established by the FINKI and the UNDP, will function as an institution for transfer of technologies, whereas innovations will serve to advance the development of the society.

The Hub aims to speed up the process of incubating new technological solutions and developing the public services for solving the citizens' social problems at both local and global level, Minister of Education and Science Spiro Ristovski said.

"The Hub's opening will additionally stimulate the entrepreneurial and innovative spirit, interweave the theory and practice, thus contributing to generating new jobs and improving the living standard," Ristovski said.

Ss. Cyril and Methodius University Rector Velimir Stojkovski said one of the main prerequisite to catch up with the modern technology development was to have timely access to scientific, technical-technological and economic information.

Acting UNDP Resident Representative Alessandro Fracassetti underlined the significance of signing the MoU, saying that the document sets the frame for establishing the first Regional Hub for Social Innovations.

Its aim is better, larger application of the technology in responding to social challenges and advancing of the human development, Fracassetti said.

The social innovation concerns the application of new ideas and processes or the reapplication of existing ideas in new ways to areas of social value and need and/or with the design and intention of delivering social impact.