Although lower than the EU average of 1.93 percent, between 1990 and 1998, total R&D expenditure in Greece enjoyed the third-highest increase in Europe, after Finland and Ireland. Greece was ranked 43rd in the Global Innovation Index in 2020, down from 41st in 2019. Because of its strategic location, qualified workforce, and political and economic stability, many multinational companies such as Ericsson, Siemens, Motorola, Coca-Cola, and Tesla have their regional R&D headquarters in Greece.