The expression “science and technology park” is used to denote areas based on the tripartite cooperation between companies interested in technology, research and development institutions and universities. In its physical form, a science and technology park (offices and the buildings of research institutes, laboratories and companies) is mostly concentrated in an isolated or enclosed space in a fancy environment. Nowadays, “Science Park” is the most common term, which can also be used as an umbrella term for science and technology parks, innovation centers, research parks and even technopolises.
As the international examples clearly show, the establishment of science parks not only boosts economic development but also aims to contribute to regional and community development (the parks are often placed in sparsely populated, rural regions, or in debilitated neighborhoods to revitalize them with the help of the multiplier effect)
In 2020 China, outstripped the U.S. in putting out research papers in the natural sciences as the country’s spending on R&D hit a record high at 2.23 percent of its GDP in 2019, up by 0.09 percentage points from the previous year (National Bureau of Statistics (NBS)). This perfectly aligns with the long term Chinese plans to become a leading force in science and innovation as the first half of the century passes. This strategy was outlined in “Made in China 2025”.
With the rise of the local economies, the spending on scientific research on the Asian continent also increased with a huge percentage. In 2020 China, outstripped the U.S. in putting out research papers in the natural sciences as the country’s spending on R&D hit a record high at 2.23 percent of its GDP in 2019. This provides a major opportunity for multinational companies willing to outsource their R&D centers to such innovation powerhouses like India or China.
The aim of the Dashboard is to delve deep into the spending on research and development and to share insights about important changes into the science and engineering landscape of the major Asian economies.
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.