Research & Innovation

Identified as one of five sectors with strategic importance for its ability to bring about growth in other sectors, the research and innovation sector is set to undergo development in the near future as the 2012 tax reform will see 10% of all revenues from the extractive industries go towards funding innovative projects promoted by regional governments. The contribution of innovation to the country’s economic growth remains small, but efforts are under way to strengthen innovation facilitators, encourage the formation of innovation-based clusters and links between local, regional and national stakeholders and realign academia, researchers and the private sector. These initiatives have already shown some positive signs as a growing number of multinationals are setting up or expanding their research activities in the country, a trend expected to continue.