YEREVAN. – The Eurasian Union needs to support subsidies for innovation, representative of Eurasian Economic Commission said during a meeting with Armenian entrepreneurs in Yerevan.

The four countries of the Union are spending only 30 billion a year (less than 1% of GDP)  to support innovation as compared to 150 billion by the European Union (2% of GDP), Vladimir Maltsev said.

“In Turkey, for example, half of the industry is located in technoparks, clusters, free economic areas. We have to make efforts to create favorable conditions for transfer of technologies and other methods of introducing innovative solutions in industry,” he added.