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Jun 01, 2018

Hungary to increase spending on research, development and innovation

The Hungarian government plans to increase spending on research, development and innovation to 1.8 percent of GDP by 2020

The Hungarian government plans to increase spending on research, development and innovation to 1.8 percent of GDP by 2020, it has been revealed.

László Palkovics, the minister in charge of Innovation and Technology, said the European Union’s target is 3 percent of GDP by 2020.

The minister revealed that R+D spending by corporations in 2016 accounted for two-thirds of Hungary’s total, adding that their role is expanding.

He said innovation at home is held back by the fact that Hungarian universities currently concentrate on basic research rather than on applied or experimental research.

Hungarian industry is capable of producing high value-added and, among EU members, Hungarian exports have the highest proportion of high-tech. This should form the basis for future developments, Palkovics said.

The minister added that Hungarian firms should seek international partners in order to perform successfully in the field of research and innovation. This is also important because, after 2021, most EU financing will be accessible through cooperative efforts, he said.