SOFIA, Dec. 9 (Xinhua) -- Inadequate human resources and low investment in research and development (R&D) continue to impede innovation in Bulgaria, according to the annual Innovation.bg report released on Tuesday.
The report, published by the Applied Research and Communications Fund (ARC Fund), provides an up-to-date assessment of the country's innovation system. It revealed that only 25,400 people are currently engaged in R&D in Bulgaria. Meanwhile, R&D investment amounts to just 0.8 percent of GDP, well below both national and European targets.
"Today, supply chains are shortening, investments are seeking secure jurisdictions, and critical technologies are being developed within a circle of trusted partners," said Ognian Shentov, chairman of ARC Fund, at the presentation event. "In this new reality, the ability to innovate is not only an engine for growth, but also a condition for national survival and sovereignty."
The report highlighted that Bulgaria's R&D spending has grown significantly over the past two decades, from 88.8 million euros (103 million U.S. dollars) in 2003 to 750.3 million euros (872 million dollars) in 2023. However, despite this impressive growth, the report warns that the current level of investment is still far too low to drive a qualitative leap in innovation or achieve the critical concentration of resources needed for sustainable innovation capacity.
On a per capita basis, Bulgaria invested 116.4 euros per person in 2023, the second lowest in the European Union. The gap with leading countries remains substantial, with Denmark, Sweden, and Austria each investing between 14 and 17 times more per inhabitant, the report noted. (1 euro = 1.16 U.S. dollar) ■