Against a global backdrop of shifting economic tides, geopolitical tensions and digital acceleration, the importance of economic diversification is gaining renewed interest around the world.
In economies of all sizes, we are seeing a resurgence in industrial policymaking. This includes in many developing and least developed countries, who are increasingly targeting economic diversification – and the innovation, creativity and technology required to achieve it – as a means of securing supply chains, addressing national and international challenges and driving sustainable growth.
But economic diversification is a tough process. It asks policymakers difficult questions about which areas to support, which not to support, and where untapped potential lies. It also requires the flexibility to move swiftly and seamlessly into new areas of specialization, as well as the focus to build new, often complex innovation capabilities.
Here is where this edition of WIPO’s World Intellectual Property Report can make a difference. Our economic team has devised a novel methodology, mapping 20 years of innovation capabilities across over 150 Member States, to help lift the lid on innovation policy design and the secrets to success.
This process has involved crunching the data linked to nearly 40 million patent filings, over 70 million scientific papers and economic activity worth more than 300 trillion dollars. As a result, we can pinpoint the progress different countries have made in boosting their economic diversification in areas of technology, science and exports.
For instance, during the past two decades, China jumped from being specialized in 16 percent of technological capacities to 94 percent. While India has increased it areas of scientific specialization from 42 percent to 68 percent and Colombia from 7 percent to 21 percent.
We want to support more countries to make similar jumps. Indeed, in a world where more and more economies see their future in innovation, creativity, technology and entrepreneurship, it is essential that we support policymakers in all regions to make diversification, and the advanced capabilities behind it, a reality.
We hope this report proves illuminating and instructive to all Member States looking to harness innovation for productivity, competitiveness and development. Diverse innovation ecosystems are the strongest innovation ecosystems – more durable, more dynamic and better placed to deliver sustainable economic growth.