Ukrainian companies should be encouraged to increase spending on science – expert

Ukrainian companies should be encouraged to increase spending on science – expert

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Ukrinform
To boost the research and development intensity of Ukraine’s GDP, the companies should be encouraged to increase spending on science and to reengineer the business processes. 

 “First, the growth of companies' spending on science should be stimulated, including by tax incentives. Second, the reengineering of business processes [should be encouraged]. Simply put, there is a need to abandon outdated approaches and start everything from scratch. A new approach to business organization is already an innovation,” Chairman of the Council of the National Bank of Ukraine Bohdan Danylyshyn wrote on Facebook.

 According to him, the susceptibility of business to technological innovations in Ukraine remains low. The share of high-tech products in the total output in 2016 and 2017 was 1.4 and 1.5%, respectively, being significantly lower than even in the Eastern European countries. The research and development intensity of Ukraine’s GDP varies between 0.3 and 0.5%, the economist noted.

In 2017, 0.3% of GDP was spent on research and development in Ukraine, Danylyshyn added.

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