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Malta Business Review INNOVATION LEADERSHIP Reaffirming Europe’s Innovation Leadership by Peter Stracar Europe has an intrinsic relationship with innovation, and whilst we might perceive ourselves as being innovative, the GE Innovation Barometer 2018 report, suggests that global business leaders feel that in terms of innovation leadership in Europe has now been overtaken by Asia. Peter Stracar, President and CEO, GE Europe at GE The latest statistics from Eurostat don’t make for good reading either. They show that while gross domestic expenditure on R&D relative to GDP across the EU-28 has risen by 40% over the past ten years to around 2.04%, it remains comparatively well below corresponding ratios recorded in Japan (3.29% in 2015) and the United States (2.79 % in 2015). Three years ago, China’s R&D expenditure rose to 2.07% of GDP and surpassed that of the EU-28. If Europe is becoming less innovative and no longer a hot bed of invention, then we have a problem in terms of economic growth and productivity. Commit more EU funding to R&D and Innovation Europe, like all regions is operating in a more challenging environment and grappling with the impact of automation and future work. If we in Europe seriously want to compete globally, then we will need to match and exceed spending in other regions. I would welcome a consistent scaling up of the EU’s budget for research, development and innovation and applaud the call from last year’s Lamy report to double the overall budget of the post-2020 EU R&D&I programme. I would also encourage a "If Europe is becoming less innovative and no longer a hot bed of invention, then we have a problem in terms of economic growth and productivity. further simplification of instruments and a minimization of the administrative burden. The Multiannual Financial Framework (MFF) should at a bare minimum deliver concrete benefits and stimulate competitiveness and global trade. Integral to all of that is the access to increased funding for research, development and innovation and creating a dynamic, mutually-beneficial environment for businesses of all sizes in Europe to flourish and grow. The current MFF — the EU’s 7 year budget — runs until the end of 2020. We expect the Commission to put forward comprehensive proposals for the post-2020 framework and for the next generation of financial programmes that will receive funding sometime in May. While the MFF should of course always match the EU’s priorities and provide financial support to the regions, towns and a multitude of sectors, if it is to drive long-term growth, the next budget should be focused on addressing key concerns around productivity and job creation, as well as have a renewed funding focus on the digital economy, R&D and innovation. Encouraging Closer Cohesion and Collaboration We shouldn’t expect policymakers to carry the whole burden of addressing this situation. Yes, we should encourage them to reapply their foot to the pedal when it comes to spending on innovation, but industry and large multinationals also have an integral role to play. Firstly, by remaining committed to investing in their R&D strategies, and by creating and fostering diverse ecosystems with academia, start-ups and SMEs. However, for ecosystems 8
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