Education and R&D Spendings
Research and Development (R&D) refers to innovative activities undertaken by corporations or governments in order to create new or to improve current services or products. It constitutes the first stage of the production process.
The R&D capacity needs to have a reasonable premonition about future issues in order to plan its structure beforehand. That activity can serve as an impetus for the acceleration of the economic growth of a single organization or a whole nation.
R&D expense is essentially the amount of money that a company spends on the activities mentioned above. Its importance is often underestimated by many companies and organizations and only noticed when it is too late. The significance of the R&D lies in its ability to provide competitive advantages in the global economic race by giving the business a focused edge over its rivals. Asia is the leading region in this aspect as four countries from the region are making it to the top ten 2019 rankings.
“According to the World Intellectual Property Organization's Global Innovation Index, Singapore and South Korea are two of the most competitive economies in the world, owing considerably to their deployment of technology in the workplace and their upskilling programs. In 2017, Samsung overtook Intel as the world's largest semiconductor supplier and edged out IBM for the most patents filed. In 2021, South Korea will open the International Science Business Belt in Daejeon, a complex encompassing eighteen universities, science parks, research centers, and a heavy ion accelerator.”
The Future Is Asian: Global Order in the Twenty-first Century
by Parag Khanna p. 194