According to the Global Competitiveness Report, Israel is ranked second worldwide (after the United States) for availability of venture capital. In 2008, Israeli high-tech companies raised USD 2.08 billion in venture investments according to the Israel Venture Association. Business and industry funded 7.3% of the Israeli higher education R&D in 2007 compared to the OECD average of 6.5% (see Figures 3.1. The total spending by ministries on science and engineering R&D declined from EUR 29 million in 2003 to EUR 17 million in 2007.