Dominican Republic’s Private Sector Needs to Innovate

A report by the UN Council for Trade and Development (UNCTAD) recommends increased support for innovation in Dominican Republic’s private sector to achieve better performance of the economy, EFE reports.

The Science, Technology and Innovation Policy (STIP) study released today stresses the Caribbean nation’s strong institutional framework to spur momentum in those areas to enhance current products, create new jobs and economic growth. It also highlights the emergence of a local innovation system, while suggesting stronger dynamism in business, an area in which “more can be done to enable local businesses to innovate.”

Nonetheless the level of university research is now considered insufficient to ensure economic benefits from the fields of science and technology, states the report, and notes that most financial rewards “come when companies adopt new products and processes.”

It could also provide the benefits of increased collaboration and interaction between companies, depending on the job, committed to focusing efforts and resources in areas such as sustainable energy, health, agriculture and agribusiness.

The UNCTAD, based in Geneva, Also recommends increased investment to develop capacity among postgraduate researchers and highlights the importance of scholarships for graduates and the recovery of talented people working abroad, who may lead the search of the advanced knowledge which the country needs.


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