Despite significant inflows of foreign investment capital that could be used to develop innovative technologies, a new report has placed Cambodia last amongst countries in Asia in terms of innovation.
Jointly published by graduate business school Insead, Cornell University and the World Intellectual Property Organisation, the Global Innovation Index 2017 ranks the Kingdom 101st out of 127 nations according to various factors related to innovation, such as education, patent applications and technology adoption. Laos was not included in the report.
“Cambodia is relatively new in terms of economic catchup. Although improving, it lags behind in most of the input indicators selected here, although it is second in FDI net inflows among ASEAN economies, foreshadowing welcome development ahead,” the report said. “To overcome market failures, policy makers have a responsibility to provide funding mechanisms to stimulate innovation in agriculture and food production.”
Supreme National Economic Council senior adviser Mey Kalyan said Cambodia needs a focused approach on resolving ongoing and long-term agricultural issues. “We need to review what the direction of our agriculture is going to be for the future,” he said. “One direction is innovation and technology, because Cambodia is lagging behind in that sector.”
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