ID :
122696
Tue, 05/18/2010 - 08:44
Auther :
Shortlink :
https://oananews.org//node/122696
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ASIA MUST INVEST ENOUGH IN R&D, SAYS ECONOMIST
KUALA LUMPUR, May 18 (Bernama) -- Asia has to invest enough in research and development (R&D), to ensure possibilities of invention and innovations coming from within, says an economist.
The Chairman of the Advisory Board, Official Monetary and Financial
Institutions Forum, Professor Lord Meghnad J. Desai said Asian countries were
too dependent on foreign technology.
Therefore, investing in R&D is important to compete in the medium-high
technology arena, he explained.
"Most of the basic technologies such as pharmaceutical, aerospace, steel,
aviation -- we are all using the technology and saving cost."
He said while there was no problem in borrowing technology, Asia now had
more room to invest in R&D.
Desai said this after delivering the second OMFIF Global Lecture on Europe,
the US and Asia-The Global Perspective, Monday.
Desai, who is also the Emeritus Professor of Economics at the London School
of Economics, said Asia should be slightly rebellious as innovative ideas came
from being out of the ordinary.
"Asians are too obedient, too kind of command following and too straight
down the line. That’s alright for a while but eventually you really have to get
out of that as Asia is emerging in the world economy," he explained.
Asia also has to settle its political and religious issues as part of being
the emerging power besides tackling and enhancing internal mobility among the
countries, he said.
Desai said by addressing them, Asia would be in the path to create a dynamic
growing society.
On Malaysia, he said the country was on the right track to achieve the
high-income nation status.
"Malaysia is investing in human capital, it is attracting all sorts of
talented people from around Asia, educating its own people with smart government
ideas.
"Malaysia has not pegged its ringgit to anything else. It's allowing the
ringgit to appreciate which is a sensible policy.
"The country is on the right track but you can go wrong. However, in terms
of social cohesion, it is much better," he elaborated further.
He reiterated that inclusiveness was very important for growth especially in
a multiracial society.
--BERNAMA
The Chairman of the Advisory Board, Official Monetary and Financial
Institutions Forum, Professor Lord Meghnad J. Desai said Asian countries were
too dependent on foreign technology.
Therefore, investing in R&D is important to compete in the medium-high
technology arena, he explained.
"Most of the basic technologies such as pharmaceutical, aerospace, steel,
aviation -- we are all using the technology and saving cost."
He said while there was no problem in borrowing technology, Asia now had
more room to invest in R&D.
Desai said this after delivering the second OMFIF Global Lecture on Europe,
the US and Asia-The Global Perspective, Monday.
Desai, who is also the Emeritus Professor of Economics at the London School
of Economics, said Asia should be slightly rebellious as innovative ideas came
from being out of the ordinary.
"Asians are too obedient, too kind of command following and too straight
down the line. That’s alright for a while but eventually you really have to get
out of that as Asia is emerging in the world economy," he explained.
Asia also has to settle its political and religious issues as part of being
the emerging power besides tackling and enhancing internal mobility among the
countries, he said.
Desai said by addressing them, Asia would be in the path to create a dynamic
growing society.
On Malaysia, he said the country was on the right track to achieve the
high-income nation status.
"Malaysia is investing in human capital, it is attracting all sorts of
talented people from around Asia, educating its own people with smart government
ideas.
"Malaysia has not pegged its ringgit to anything else. It's allowing the
ringgit to appreciate which is a sensible policy.
"The country is on the right track but you can go wrong. However, in terms
of social cohesion, it is much better," he elaborated further.
He reiterated that inclusiveness was very important for growth especially in
a multiracial society.
--BERNAMA
