" ITREALMS: Innovation drives growth, offers unique opportunities to leap-frog into new technologies

Sunday, April 03, 2016

Innovation drives growth, offers unique opportunities to leap-frog into new technologies

Innovation has been identified to drive growth with an offer of unique opportunities to leap-frog into new technologies, reports ITRealms.

The latest report available to
ITRealms on Assessing Regional Integration in Africa VII: Innovation, Competitiveness and Regional Integration (ARIA VII) launched on 2nd April during the African Development Week
 states that integration could foster innovation and competition in African countries through investment in human capital

Africa, ITRealms also reports, has spent much of the past decade investing in physical infrastructure, but it must not forget the development of human capital, the report urges. Investing in education, particularly in science and technology, will bring about great gains for the citizens of the continent. 

Developed jointly by the Economic Commission for Africa, the African Union Commission and the African Development Bank, this seventh edition posits that regional integration can enable innovation to generate greater competitiveness and trade, boosting integration, growth and development.

“As countries grow in innovation capacities, they are likely to integrate even more with each other through investment, supply chains, trade, knowledge and mobility,” said Mr. David Luke, Coordinator of the African Trade Policy Centre at ECA.

The report states “innovation drives growth and structural transformation, and it offers unique opportunities to ‘late-developer’ countries to leap-frog into new technologies.  As innovative capacities grow, competitiveness is enhanced. ”

As the Acting Chief Economist of the AfDB, Mr. Charles Lufumpa, pointed out “Africa’s regional integration has changed and improved over the past five years”, culminating in the formation of a tripartite free trade area, the adoption of the Sustainable Development Goals, the AU’s Agenda 2063 and negotiations on the establishment of a continental free trade area.

Mr. Lufumpa thinks Africa can do better. “A lot of progress has been made but we still have problems with energy shortages which pose serious constraints on businesses; lack of integrated infrastructure, and slow implementation of policy.”

The ARIA VII highlights the importance of education and science in improving competitiveness and innovation.

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