Europe and China invest the most in innovations
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.»