Importance of R&D
What is R&D?
Research and development refers to “the creation of new knowledge or the application of existing knowledge to improve products, processes and/or services to affect economic outcomes” (Source: Derived from OECD, “Frascati Manual: Proposed Standard Practice for Surveys on Research and Experimental Development, 2002”).
Why invest in R&D?
Research and development is a key driver of innovation, competitiveness and economic performance. Increased R&D investments will strengthen our academic institutions and industries.