diff --git a/cmake/developer_package/packaging/packaging.cmake b/cmake/developer_package/packaging/packaging.cmake
index 25ec4661e1e..15a0fae205e 100644
--- a/cmake/developer_package/packaging/packaging.cmake
+++ b/cmake/developer_package/packaging/packaging.cmake
@@ -91,8 +91,7 @@ macro(ov_define_component_names)
     set(OV_CPACK_COMP_C_SAMPLES "c_samples")
     set(OV_CPACK_COMP_PYTHON_SAMPLES "python_samples")
     # python
-    # TODO: rename to pyie and fix product-config as well
-    set(OV_CPACK_COMP_PYTHON_IE_API "")
+    set(OV_CPACK_COMP_PYTHON_IE_API "pyie")
     set(OV_CPACK_COMP_PYTHON_NGRAPH "pyngraph")
     set(OV_CPACK_COMP_PYTHON_OPENVINO "pyopenvino")
     set(OV_CPACK_COMP_PYTHON_WHEELS "python_wheels")
diff --git a/src/bindings/python/src/compatibility/openvino/CMakeLists.txt b/src/bindings/python/src/compatibility/openvino/CMakeLists.txt
index 21538ae51bb..1120a8958a2 100644
--- a/src/bindings/python/src/compatibility/openvino/CMakeLists.txt
+++ b/src/bindings/python/src/compatibility/openvino/CMakeLists.txt
@@ -34,16 +34,14 @@ endif()
 set(PYTHON_VERSION python${PYTHON_VERSION_MAJOR}.${PYTHON_VERSION_MINOR})
 
 if(ENABLE_CONDA_FOLDER)
-    # set(PYTHON_COMPONENT conda_${OV_CPACK_COMP_PYTHON_IE_API}_${PYTHON_VERSION})
-    set(PYTHON_COMPONENT conda_${PYTHON_VERSION})
+    set(PYTHON_COMPONENT conda_${OV_CPACK_COMP_PYTHON_IE_API}_${PYTHON_VERSION})
     if(WIN32)
         set(PYTHON_BRIDGE_OUTPUT_DIRECTORY ${CMAKE_LIBRARY_OUTPUT_DIRECTORY}/$<CONFIG>/python_api/Conda/${PYTHON_VERSION}/openvino)
     else()
         set(PYTHON_BRIDGE_OUTPUT_DIRECTORY ${CMAKE_LIBRARY_OUTPUT_DIRECTORY}/python_api/Conda/${PYTHON_VERSION}/openvino)
     endif()
 else()
-    # set(PYTHON_COMPONENT ${OV_CPACK_COMP_PYTHON_IE_API}_${PYTHON_VERSION})
-    set(PYTHON_COMPONENT ${PYTHON_VERSION})
+    set(PYTHON_COMPONENT ${OV_CPACK_COMP_PYTHON_IE_API}_${PYTHON_VERSION})
     if(WIN32)
         set(PYTHON_BRIDGE_OUTPUT_DIRECTORY ${CMAKE_LIBRARY_OUTPUT_DIRECTORY}/$<CONFIG>/python_api/${PYTHON_VERSION}/openvino)
     else()
diff --git a/src/bindings/python/wheel/setup.py b/src/bindings/python/wheel/setup.py
index 7dcf40e0766..d2fdc5cba7e 100644
--- a/src/bindings/python/wheel/setup.py
+++ b/src/bindings/python/wheel/setup.py
@@ -93,7 +93,7 @@ LIB_INSTALL_CFG = {
 
 PY_INSTALL_CFG = {
     "ie_py": {
-        "name": PYTHON_VERSION,
+        "name": f"pyie_{PYTHON_VERSION}",
         "prefix": "site-packages",
         "install_dir": PY_PACKAGES_DIR,
     },
diff --git a/src/core/include/openvino/core/version.hpp b/src/core/include/openvino/core/version.hpp
index fbfe5cb8bfd..484604fcb39 100644
--- a/src/core/include/openvino/core/version.hpp
+++ b/src/core/include/openvino/core/version.hpp
@@ -20,7 +20,7 @@
  */
 
 #define OPENVINO_VERSION_MAJOR 2022
-#define OPENVINO_VERSION_MINOR 2
+#define OPENVINO_VERSION_MINOR 3
 #define OPENVINO_VERSION_PATCH 0
 
 namespace ov {
diff --git a/src/inference/include/ie/ie_version.hpp b/src/inference/include/ie/ie_version.hpp
index fefa28cb923..a735c93dcca 100644
--- a/src/inference/include/ie/ie_version.hpp
+++ b/src/inference/include/ie/ie_version.hpp
@@ -21,7 +21,7 @@
  */
 
 #define IE_VERSION_MAJOR 2022
-#define IE_VERSION_MINOR 2
+#define IE_VERSION_MINOR 3
 #define IE_VERSION_PATCH 0
 
 #include "ie_api.h"