RandD investments in Europe were less affected by the crisis than in the US but EU firms are lagging behind their rivals in key sectors for innovation, Máire Geoghegan-Quinn,the EU commissioner for research, innovation and science warned on Tuesday.
The crisis saw the profits of top EU companies fall by 21% last year, according to the Commission's RandD report published on Tuesday. But despite this, the amount European firms invested in RandD only fell by 2.6%, significantly less than the 5.1% drop of US companies, the Commission said.
The Commissioner used the mixed results to call on member states to back her plans for an Innovation Union, announced earlier this month. "The wide gap with the top US companies (in hi-tech sectors) and the continuing rapid rise of Asian-based companies highlight the innovation emergency Europe is facing," she warned, calling on heads of state to set aside budgets for buying innovative products and services. At present, no EU member state devotes more than 1% of its GDP to funding public or business research activities, according to the Commission.
For more: RandD chief sounds innovation emergency bell | EurActiv
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