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Session 3.2: What Drives Innovation in Asia? by Bihong Huang
Session 3.2: What Drives Innovation in Asia? by Bihong Huang
Session 3.2: What Drives Innovation in Asia? by Bihong Huang
the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development
Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee
the accuracy of the data included in this paper and accepts no responsibility for any consequences
of their use. Terminology used may not necessarily be consistent with ADB official terms.
Technology:
• Japan: robotics, AI and healthcare
• Korea: ICT, smart factories and farms, future vehicles and data economy
• Singapore: service and digital economy, urban solutions, smart manufacturing
• China: internet, AI, digital economy, 5G and quantum computing
Capital
• Japan and China tend to raise startup funds domestically while emerging
and frontier Asia are experiencing strong capital inflows from Advanced
Asia and China
• In 2018, 71 percent of venture capital funding in Asia is intraregional.
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Comment 1: Innovation network in Asia
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Comment 2: Innovation in digital Age
• Digital economy in Asia is expected to triple in size
and reach $240 billion by 2025
• Investment in knowledge-based capital grew at a
compound annual rate of 6.4 percent between 2006
and 2016
• Preparing SMEs for innovation in digital age
• Facilitate the entrepreneurship
• Reach wider and more sophisticated customers both offline
and online
• Leverage the power of big data for innovation
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Comment 3: measurement of
innovation for Asian private companies
Most reports and research on this topic rely on WBES
• Subjective indicator
• Old cross-section data (2012, 2013, 2014)
• Limited sample
Establish a comparative country data platform
• construct country and regional innovation index
• generate regular reports
• updating and upgrading ADB SME monitor 2014
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Conclusion
Innovation is the fundamental force for Asia to achieve
sustainable growth and avoid middle income trap
The Asia century of innovation has begun. Further
actions are needed
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Thank you very much!