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Europe needs to accelerate investment in research and innovation

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The EU is slowly advancing towards its target of investing 3% of GDP in research and development (2.01% in 2009) but the gap with leading competitors is widening notably due to weaker business R&D investment. In 2008, 24% of the total world R&D expenditure was performed in the EU (29% in 1995). Relative to GDP, business invests twice as much in Japan or in South Korea as in Europe.

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