COVID-19 crisis delays research, development projects of German companies

Source: Xinhua | 2020-05-27

The coronavirus pandemic delayed research, development and innovation (R&D&I) activities of German companies, according to a survey published by Ministry for Economic Affairs and Energy on Tuesday.

With 75 percent, the majority of German companies postponed or extended the duration of R&D&I related projects, according to the survey among 1,800 mostly small and medium-sized enterprises.

"Innovations are central to competitiveness, jobs and growth, this applies to individual company as well as to our economy as a whole," said Minister for Economic Affairs and Energy Peter Altmaier.

More than half of German companies even interrupted R&D&I related projects while 24 percent cancelled projects entirely, according to the survey. However, 21 percent of companies were seeking to start new R&D&I activities during COVID-19 crisis.

"The economic stimulus package for our new start after the crisis must therefore not only promote sustainability and fairness but above all innovation," stressed Altmaier.

As lessons learned from the COVID-19 pandemic, every second German company saw the need for greater digitization, while 46 percent mentioned opening up new markets with their existing know-how.