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Hungary near bottom of EU innovation list

Hungary has been ranked 22nd among the 27 EU members in terms of innovation in a survey by the European Commission.

“Hungary is in the group of 'moderate innovators' with an innovation performance well below the EU27 average but a rate of improvement above that of the EU27,” the Commission said in a statement for the release of the European Innovation Scoreboard 2009 (EIS), a ranking compiled each year since 2001.

Hungary is relatively strong, compared to its average performance, in the economic success of innovation in employment, exports and sales, but it is weak in the areas of intellectual property rights (IPR) generated in the innovation process and balance of payments from technology, as well as in terms of the number of firms that have introduced innovations onto the market or within their organizations, covering technological and non-technological innovations, the Commission said.

Over the past five years, the availability of financing for innovation projects and the support of governments for innovation activities has narrowed, and the number of companies introducing innovations has dropped, particularly because of a big fall in venture capital, according to the survey. (MTI-Econews)