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New Zealand R&D expenditure to increase to 2 pct of GDP: report
Last Updated: 2018-10-16 15:49 | Xinhua
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A report released on Monday showed New Zealand's total expenditure on research and development (R&D) was 1.23 percent of GDP in 2016, which is to be raised to two percent, an increase that will require sustained growth in R&D investment by both the public and private sectors.

The R&D tax incentive, announced last week, will be a significant addition to government support for business innovation, according to the 2018 Research, Science and Innovation System Performance Report detailing how New Zealand is performing in key areas.

Findings show that New Zealand's science system is highly productive, and produces a large amount of publications both per researcher and per 1 million NZ dollars (653,400 U.S. dollars) spent on higher education and research, said Research, Science and Innovation Minister Megan Woods.

"New Zealand's international collaboration rates are high and we have strong connections with key overseas partners, including in the United States, Australia, the United Kingdom, Germany and China," Woods said in a statement.

The report said that while only 20 percent of New Zealand university graduates specialize in science, technology, engineering and mathematics (STEM) subjects, New Zealand has a net brain-gain with more STEM professionals migrating to the country than STEM professionals departing.

"The science system is a key lever to achieving the ambitious goals we have set for New Zealand, including our commitment to lift the wellbeing of our society, undertake a just transition to a low carbon economy, and help Kiwi firms move further up the value chain and deliver higher wages by increasing investment in R&D," Woods said.

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