Hungary plans to increase spending on research, development and innovation to 1.8 percent of GDP by 2020 as against 1.38 percent in 2015, the minister in charge of innovation and technology said on Thursday.

The European Union’s target is 3 percent of GDP by 2020, László Palkovics told the annual meeting of the Hungarian Innovation Alliance (MISZ).

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

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

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

He said 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 in through cooperative efforts.

MISZ head Gábor Szabó welcomed the establishment of a ministry dedicated to innovation.

Source: MTI

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