Innovation and Entrepreneurship

Investment in innovation and research and development is lagging in the entire region. An important science, technology and innovation agenda, both with public and private components is needed to strengthen the foundations of a new economy driven by new enterprises, sectors and engines of growth.

Research and development spending is nearly 4 times lower than the United States resulting in low patenting activity and limited diffusion of technologies within and across sectors. The process of discovery of new export and employment sectors requires a coherent public-private strategy to incentivize the entire innovation ecosystem going from basic research to innovation within firms and the transfer of technology from academia and research institutes to the productive sector. Information technology will be an important factor enhancing firm level productivity and for fostering entrepreneurship in the region.