Following news that the country is spending less on R&D than previously thought, Chile’s new government plans to improve R&D spending. Chile’s R&D investment, which was almost 0.7% of the GDP in 2004, was only 0.4% in 2008. A recent survey estimated the 2009 percentage may have been even lower because of the global financial crisis. The new government, which took office in March, hopes to attract private sector investment from home and abroad to reach its goal of doubling investment to 0.8% by 2018. Chile’s R&D investment is less than Argentina, Brazil and Mexico in Latin America, and last among members of the Organization for Economic Cooperation and Development, to which Chile recently became a member. Congress will soon receive a bill with incentives for companies to invest in R&D. Details of the bill have not yet been specified.

Source: Scidev.net