Sluggish innovation investment
SA’s government needs to develop a clear policy framework for investing in innovation in the country.
08 July 2016
Pundits, private sector players and government agree that not enough investment is going towards boosting innovation in the country. Delivering this year’s budget vote speech in Parliament, Science and Technology Minister Naledi Pandor warned that SA’s lack of investment in innovation will see the country being overtaken by nations that have less capacity and knowledge resources.
“Failure to address the funding of this sector results in neglecting several sectors that could offer SA talent, new products and real contributions to growth,” she said. The lack of innovation investment has also seen SA slip down the global rankings and move away from being a favoured business hub for investment. Last year, the World Economic Forum’s annual global competitiveness index ranked SA at 32 out of 140 countries on its capacity for innovation.
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