Research and development (R&D) plays a critical role in the modern economy. It is important to businesses as it allows them to develop new products and services to enable them to survive and thrive in competitive global markets.
Governments recognise the importance of R&D spending and activities too. Cities and regions compete to convince companies to invest and undertake R&D projects in their localities, hoping that this will create high-quality jobs and benefit local innovation and technological capabilities. However, the prevailing positive narrative around R&D investment is not as it seems.
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This article first appeared in the June/July 2022 edition of fDi Intelligence.