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Government sets target for research investment at 1% of GDP

  • 2015-10-29 15:00:00
  • , Nikkei
  • Translation

(Nikkei: October 29, 2015 – p. 4)

 

 The Cabinet Office has decided to include 26 trillion yen in the “5th Science and Technology Basic Plan” as the government’s investment target for research and development. The plan is the basis for the government’s science and technology policy, which will cover the next five years beginning in FY2016. The amount is equivalent to 1% of the nominal gross domestic product (NGDP), which exceeds the target of 0.7% set in the FY2015 budget.

 

 The government aims to increase productivity by developing a system that integrates artificial intelligence and the Internet of Things (IoT) in which everything is connected on the Internet in an effort to improve the research capabilities of universities and public research institutes.

 

 The Science and Technology Basic Plan is revised every five years. The Cabinet Office will begin coordination with the Finance Ministry on the target of 1% of GDP, but the ministry is already indicating reservations about setting a numerical target as it could be viewed as a government commitment to invest. The government plans to draw up the basic plan by the end of this year, but various obstacles are expected to crop up along the way.

 

 In the basic plan, the Cabinet Office will also present a mechanism to assess the results of investment in research and development, as well as policies. About 20 primary indicators such as the amount of research funds provided by corporations for universities and public research institutes will be introduced for the first time.

 

 The Cabinet Office is planning to present a draft of the basic plan at a meeting of the Expert Panel on Basic Policy of the Council for Science, Technology and Innovation to be held on Oct. 29.

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