Research and Innovation
The European Commission has bought attention to the importance of research and innovation (R&I) investments when it comes to the economic recovery across the EU, due to the fact that most EU member states have very little in the way of budgets and R&I tend to come towards the back of the queue, and so they have also suggested to help member states to increase the use that they get from their budget.
Cyprus spending on research and innovation
According to the figures bought out in 2012, Cyprus was the lowest bar Romania when it comes to investing in research and innovation. Spending in total less than o.5% of its annual GDP which if you were to compare it to the highest spenders in Europe, Finland were they spend on average 3.5% of its GDP.
Why choose to spend on research and innovation?
Many would argue that in this time of austerity why should valuable resources be spent on research and innovation? The answer is straight forward, it drives growth. Not only does it drive growth but it keeps Europe at the leading edge in a variety of fields.
Maire Geoghegan-Quinn, of the European Commissioner for Research, Innovation and Science, warned
“Fostering innovation is widely accepted as the key to competitiveness and better quality of life, especially in Europe where we cannot compete on costs. This is a wake-up call to governments and businesses across the EU. Either we get it right now or we pay the price for years to come.”
The European Commission is calling on member states to set targets to increase spending in this area to 3% of GDP. At this time on average across the EU combined spending form both the private and public sector amounts to just 2% of GDP, meaning that the EU is lagging behind the rest of the big global players such as the US, Japan and South Korea, with China’s presence starting to be felt as they are looking set to overtake Europe.
Cyprus and Investment
Cyprus’s recovery is in full swing and ahead of schedule, there are now a wide variety of investment opportunities arising across the breath of the island including in research and innovation. If you are looking for investment opportunities OlieServe is here to help you find the right investment for you.
Contact us today or take a look at our website for more information.