India, Finland ink three MoUs for S&T cooperation | business | Hindustan Times
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India, Finland ink three MoUs for S&T cooperation

India and Finland today signed three agreements to boost cooperation in science and technology, a move, which could enable the two countries, issue a joint call for research proposals.

business Updated: Nov 26, 2009 21:12 IST

India and Finland on Thursday signed three agreements to boost cooperation in science and technology, a move, which could enable the two countries, issue a joint call for research proposals.

The agreements were signed during the India-Finland Technology Partnership Forum meeting here in the presence of Science and Technology Minister Prithviraj Chavan and Finnish Minister of Economic Affairs Mauri Pekkarinen.

"We know that India is a country where one can find high knowledge potential," Pekkarinen said pointing out that the research and development sector in Finland was witnessing radical reforms.

Chavan said India was committed to more than double the spending on science and technology, to up to two per cent of the GDP.

Citing the example of Finland, where the private sector picks up the tab of up to 70 per cent R&D spending, Chavan asked the Indian industry to spend more on the science sector.

"In India 75 per cent funds for R&D come from the government while the rest comes from the private sector. I would ask the private sector to at least match what we spend," Chavan said.

He emphasised that government role would be to facilitate the creation of innovation-led enterprises.

Chavan said the government would continue to launch mega projects in the strategic and non-strategic sectors.