EU industry and governments' investments in innovation and technology development are insufficient - Rinkevics

RIGA - Investments made by the European Union's (EU) industry and governments in innovation, research and technology development are insufficient, President Edgars Rinkevics said Friday during a meeting with representatives of the Association of European Chambers of Commerce and Industry (Eurochambres) and the Latvian Chamber of Commerce and Industry (LCCI).

The president's adviser Martins Dregeris told LETA that in Rinkevics' view, the bloc has found itself in the so-called "medium technology trap". When it comes to introducing and commercializing new technologies and expanding businesses, the EU is slower than the United States and China, the Latvian president said.

"Achieving a breakthrough is the responsibility of us all, including public administration, sectors, large and small state-owned and private enterprises," the president stressed.

The president's meeting with the representatives of entrepreneurs' organizations focused on Europe's economic challenges in global markets and the entrepreneurs' proposals for boosting the competitiveness of Europe and Latvia.

Special attention was paid to issues concerning the strengthening of the EU's single market, SMEs-friendlier regulations, reducing administrative obstacles, as well as ensuring businesses' access to finance.