Countries chasing economic innovation: UN

A revival of industrial policies is under way around the world, the United Nations said Thursday, with countries going for technological innovation to diversify their economies.

The U.N.'s World Intellectual Property Organization said greater productivity levels could be reached through specialising in existing strengths.

"In economies of all sizes, we are seeing a resurgence in industrial policymaking," said WIPO chief Daren Tang.

"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.

"More and more economies see their future in innovation, creativity, technology and entrepreneurship," he added.

The U.N. agency on Thursday released its World Intellectual Property Report, which is aimed at helping policymakers make better decisions by strengthening national innovation systems.

Published every two years, the report sheds light on the role of innovation in market economies, looking at specific trends in intellectual property.

It said the past few years had seen a revival of industrial policies, in response to challenges such as climate change and the Covid-19 pandemic.

 Transforming the structure 

The report said the top economies for scientific, technological and production capabilities were all high-income countries, such as the United States, France, Germany, Japan and South Korea, and/or large economies such as China and India.

It said that by specialising in their existing strengths, countries and regions could achieve...