Brazil has made "significant progress" in the field of innovation when compared to other Latin American and the Caribbean nations, according to the Inter-American Development Bank (IDB).
IDB representative Daniela Carrera-Marquis told delegates at a innovation forum in Rio de Janeiro last week that Brazil's position in the innovation league within the region has improved due to increased investment in skills development within the private sector.
However, the IDB also pointed out that investment in innovation in Brazil is not nearly at the level it should be. The Bank's representative told Agência Brasil that the impact of scientific innovation within society is still very small and that reversing that situation would require private sector organizations to provide much more of a financial boost to science development.
According to the IDB, one of Brazil's main issues is the fact that around 80 percent of companies in the country are small or medium-sized, and do not have access to technical, financial, and human capital to sustain their innovation processes.
Skills development and scientific innovation are high-priority topics in the Brazilian governmental agenda. A key area of focus for the new Brazilian science and technology minister Clelio Campolina will be to attract international businesses to build research and development centers — and therefore invest — in Brazil, as well as boosting the creation of science and tech skills in the country.