News - Brazil BNDES Sees BRL43.3 Billion Investment In Innovation In 2010
RIO DE JANEIRO -(Dow Jones)- Brazil’s investment in innovation is likely to reach 1.5% or 1.6% of gross domestic product next year, Luciano Coutinho, president of the National Development Bank, or BNDES, said Monday.
According to BNDES, 1.5% of GDP is the equivalent of 43.3 billion Brazilian reals ($22.7 billion).
In recent years, Brazil had been spending between 1.1% and 1.3% of GDP in supporting scientific research and development, Coutinho said.
“We plan to push this amount up to 2% in the next few years and get closer to other emerging markets such as China, Korea and Taiwan, who spend over 2.5%,” Coutinho said.
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