Last Monday, the German Stifterverband provided figures that prove that for the first time, Germany spent at least 3% of its annual GDP on research and development. This has been a goal for Germany.
They said that last year, companies across Europe’s power house and the government in Germany reached a record on the amount spent on research and development. When compared to 2014, German companies’ investments increased by 9.5% in 2015 adding up to a 62.4billion euros in R&D. This has been a record throughout the years.
Germany increased the nation’s overall investments in Research and Development (R&D), with the main sector being the auto industry. According to the survey, the auto industry accounted for 21.7 billion euros, making them the biggest driver behind this development.
Such an increase in expenditure on research and development gives Germany a competitive advantage. Gero Stenke said, “You have to bear in mind the huge challenges the automotive sector is confronted with.” “E-mobility and autonomous driving are not completely new …, but the auto industry is under increasing pressure and is trying to keep international competitors in check. In good company