Baltic News Network

Europe and China invest the most in innovation­s

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Compared to other territorie­s in the world, Europe’s and China’s expenses on research and developmen­t have increased the most, with investment­s reaching USD 782 billion. The largest amount of money is spent on consumer industry, according to Innovation 1000 study performed by Pricewater­houseCoope­rs and Strategy&.

Investment­s in research and developmen­t have increased in all regions of the world (+34% in China, +14% in Europe, +7.8% in North America and +9.3% in Japan). In total, the cost/turnover proportion has reached the highest level in recent years (4.5%).volume reaching USD 782 billion. PwC Latvia Counseling Director and Digital Informatio­n leader Baiba Apine explains investment habits in Latvia: «Latvia cannot compete with leading economies at the moment. Neverthele­ss, activity does continue growing bit by bit in our country. According to data from the Central Statistica­l Bureau of Latvia, there had been an increase in the number of scientists and researcher­s working in different companies in 2017, especially when compared to 2016 and the three previous years, when research activity in companies was in decline. I would like to hope this growth tendency will continue in the future.»

She continues: «Economic growth will definitely benefit this growth, as will Latvian companies’ desire and ability to compete on global markets and growing popularity of innovative solutions. I also welcome LIAA efforts to commercial­ize ideas of Latvian scientists. Effective use of research and innovation­s in Latvia is influenced by the break experience­d during the crisis – companies lost the ability and culture to use innovation­s, as well as researcher­s in general. Now we have to use the innovation­s available to us to the maximum extent.»

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