In a bid to strengthen its competitiveness in international markets, Colombia is aiming to increase spending on research and innovation activities. Although this has been a stated priority of successive governments, expenditure levels for research and innovation are still well below other countries in the region. To change this, authorities are implementing legal measures to encourage expenditure on research and innovation activities in the private sector. An improvement in access to financing for…
Research & Innovation
From The Report: Colombia 2016
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The 2015 Global Innovation Index ranked Colombia 67th out of 141 countries for its innovation potential, below Chile (42nd), Costa Rica (51st) and Mexico (57th), but ahead of Brazil (70th) and Peru (71st). In a bid to strengthen its competitiveness in international markets, the Colombian government plans to double expenditure on science, technology and innovation (STI) from 0.5% of GDP in 2015 to 1% of GDP by 2018. As a regional comparison, Brazil spends 1.74% of GDP on STI activities, while Mexico spends 0.73%, according to the Ibero-American and Inter-American Network for Science and Technology Indicators. Even lower is the country’s annual expenditure on research and development activities, which reached 0.19% of GDP in 2014, according to the Colombian Observatory for Science and Technology. Authorities are now implementing legal measures to encourage expenditure on research and innovation activities in the private sector, including improving access to financing for research for small and medium-sized enterprises.
This chapter includes an interview with Daniel Quintero Calle, Executive Director, Innpulsa.