Agricultural Sector Receptive to R&D, Hesitant to Apply

Innovation

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The agricultural sector is receptive to innovation and digital development, but at the same time, farmers tend to be more cautious when it comes to application, K&H said earlier this week, based on its agricultural research, according to profitline.hu. 

István Tresó, head of K&H Bank's agricultural development department, explained that half of the agricultural companies spent more than 10% of their income on innovation in the last two years, and the agrarian sector spent an average of 17%. 

Further, 48% of the companies introduced a new or significantly improved product or service in the last two years. 

Tresó pointed out that since 2020, 53% of the companies have primarily purchased modern, advanced machinery or equipment, and 33% spent almost the same amount on software purchases, automation, and in-house R&D activities.

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