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Europe needs more R&D investment

BRUSSELS, June 11 (UPI) -- Europe needs to step up its research efforts if it is to stay ahead of its major rivals.

The European Commission warned Monday in its latest annual report on science and technology in the region that European investment in research and development has stagnated since the mid-1990s.

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On the other hand, its main competitors, such as Japan, China and South Korea, "have been able to increase substantially their R&D effort, shaping a world where knowledge is more evenly distributed than ever before," the commission said.

In particular, the European body warned about the low level of business research, especially compared with the United States, as European high-tech companies tend to be much smaller than their U.S. counterparts.

"Knowledge is a key component of competitiveness," said European science and research commissioner Janez Potocnik. "If our businesses are to be at the leading edge in the future, they need to invest in knowledge now. And governments need to put in place the appropriate measures to help them do so."

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