News from Welsh Labour

“Follow Finland” call by Welsh Assembly member

A Labour Member of the Welsh Assembly has called on the Welsh Assembly Government to follow Finland’s example of investing more in science, technology and innovation, as a way of ensuring smooth and rapid passage through Wales’ economic problems.

Wrexham’s AM, Lesley Griffiths, made her call during First Minister’s Questions in the National Assembly today.

The AM drew the Assembly’s attention to the recent announcement by the Finnish Government that it was going to increase Research & Development (R&D) investment in the country to 4 per cent of their Gross Domestic Product (GDP) by 2011 as a way of addressing the current global recession.

In her Question, Lesley Griffiths AM told Rhodri Morgan:

“One of the first ‘casualties’ of any economic downturn is research and development and this current downturn is unlikely to be any different.

“One notable exception to this ‘rule’, however, is Finland which recently announced plans to increase R&D investment to 4% of their GDP by 2011 to combat recession. This is a whole 1% over and above the wider EU bloc target of 3% GDP.

“Will you agree to examine closely what the Finns are currently doing in relation to investment in science, technology and innovation? Back in the nineties, Finland rapidly got out of recession by heavily investing in R&D. Does he believe this could there be a path for Wales to follow now?”

In his reply the First Minister agreed that R&D did have role to play helping the Welsh economy and referred to how Finland invested heavily in R&D in the 1990s following the collapse of the Soviet Union.

Commenting after her Question, Lesley Griffiths said:

“The Finnish Government has recently agreed to commit funds to increase the number of companies involved in R&D in the country, by giving additional support to innovative small and medium sized enterprises (SMEs) and boosting business R&D generally during the economic recession. They are also investing heavily in their research infrastructure, as a means of getting out of current difficulties.

“The Finns have historically recognised the importance of R&D as a tried and trusted way of tackling economic problems at times like these. I believe Wales should now be looking closely at such solutions in addressing those challenges now facing our economy. I hope, therefore, the Welsh Assembly Government will examine how the Finnish model – which has had a staggering amount of success in the past – can act as a template for us.”

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