More money must be spent on Research & Development says UUP MEP
Ulster Unionist MEP Jim Nicholson has said today that a bigger slice of future EU funding in Northern Ireland must be spent on research and development to increase innovation and help drive forward a sustainable, knowledge driven economy in Northern Ireland.
Speaking today Mr Nicholson said,
“Increasing spending on research and development is important for improving innovation and increasing productivity, not just in pushing forward the technological frontier but in building and driving forward a sustainable, knowledge driven economy with better jobs, a well skilled work force and greater social cohesion.
“Northern Ireland’s expenditure on research and development is worse than the UK average, which in turn only just reaches the EU – 25 average of 1.9% of GDP spent on R & D.
“This stands in stark contrast to other EU countries such as Sweden and Finland who spend 3.7% and 3.5% respectively on research and development and also to the Republic of Ireland which just announced plans to spend at least €3.8 billion on research over the next seven years.
“Northern Ireland needs to emulate this level of expenditure on R & D if it wishes to sustain economic growth and future EU funding can contribute to this.”