BRUSSELS -- The annual Commission review for development during 2012 in research and innovation was discussed during a meeting here today of the EU Competitiion Council, at which Cyprus was represented by Health Minister Stavros Malas.

Speaking during the meeting, the Minister agreed that investments must increase and research and innovation must be further encouraged, pointing out that this can boost European development and pave the way out of the financial crisis.

“We are optimistic that the EU will reach its goal of increasing investments in research and development up to the 3% of its Gross Domestic Product by 2020, despite the adverse financial situation and public finance pressures on national budgets,” he told the meeting.

Malas noted that Cyprus, taking into consideration the particularities of its small economy, which is based mainly on services, has set realistic goals.

The EU Ministers also exchanged views on the programme “Horizon 2020” which is the new financing programme for research and innovation for the 2014-20.

Malas welcomed the emphasis given in this programme to small and medium enterprises and the support at European level given to joint ventures between the public and the private sectors. He noted however that fiscal measures imposed on member states may affect investment potential in research and innovation.

During his stay in Brussels, Malas discussed issues concerning his Ministry with the competent Commissioner John Dali.