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Hungary to double R&D spending within five years

Hungary aims to double spending on research and development in the next five years and triple spending in the next ten, Minister of Economy and Transport János Kóka said in Brussels on Monday, after a meeting of EU ministers in charge of competitiveness.

Kóka said another goal is to raise the amount of R&D spending by the private sector to two-thirds of the total. He noted that Ft 500 billion-Ft 600 billion in EU funding would be available for R&D spending for Hungary during the EU's 2007-2013 budgetary period. Hungary could obtain Ft 80 billion-Ft 100 billion on top of this under the EU's R&D general plan, which was approved by member states on Monday. Considering this funding, Hungary could realistically aim to spend 1.8%-2% of GDP on R&D by 2010 and 2.8%-3% by 2015, Kóka said.
The EU targets that R&D spending should reach 3% of GDP by 2015. Average R&D spending in the EU is currently 1.9% of GDP.