TITLE:
International Cooperation and Innovation: Evidence from Asian Countries Trade Facilitation and Economic Cooperation
AUTHORS:
Md Alamin Sarkar, Jiaping Xie, Habibur Rahman
KEYWORDS:
International Cooperation, Innovation, R & D, Technology, Investment and Economic Thinking
JOURNAL NAME:
Open Access Library Journal,
Vol.9 No.7,
July
29,
2022
ABSTRACT: International business, social and economic international innovation refers to the ability to develop and implement new, unique or improved to create unique value for the Country. It includes incremental or improvements to existing products, processes, services, or solutions. Consistent international cooperation and innovation skills are necessary for a country to realize its full potential and prosperity, but many Countries lack this key skill. International cooperation and innovation are essential for growth and development of every country. While some economies in developing Asia are near the forefront of international cooperation and innovation, but many other economies lag behind. This topic section outlines what policymakers can do to promote greater international cooperation and innovation in Asia. It identifies some key drivers of international cooperation and innovation in Asia. The first is education and R & D, which is not surprising because international cooperation and innovation are essentially a human cause. In a number of Asian economies, many children lack the most basic education and numeracy power skills. Therefore, decision makers must first focus on strengthening basic skills, but they must also turn to learner centered teaching practice, broaden and diversify the skill. The second driving force is entrepreneurship. Although people tend to link entrepreneurship and international innovation, less than 2% of entrepreneurs have created more than half of employment growth and innovation. Therefore, it is essential to formulate policies to promote the potential of these productive enterprises to make better economic development. The last three drivers of international cooperation and innovation are high quality Institutions, strong financial systems and big cities. High quality institutions, including the rule of law and strong property rights, give innovative entrepreneurs the confidence they need to take risks and try new ideas. The evolution of intellectual property rights in the Republic of China shows that different institutions and types of protection may be more important at different stages of development. A strong financial system can channel resources to innovators. In fact, the analysis shows that the development of financial markets, for both equity and debt, will have a positive impact on patents. Therefore, international cooperation and innovation policy need a meticulous, bottom-up approach to support local innovators. In the final, there is no shortcut to creating an innovative environment for international cooperation and innovation in Asia. The journey of international cooperation and innovation requires long-term commitment and a lot of hard work.