China’s sustained economic growth over the past couple of decades is largely attributed to its remarkable performance in the field of innovation. China's success story provides valuable insights for Pakistan considering Islamabad's dismal performance on the innovation index. In an interview with WealthPK, Saranjam Baig, Executive Director of the Centre for Research on CPEC in Gilgit, lauded the steps taken by the Chinese government to foster innovation for a sustained growth. He underscored the importance of innovation for Pakistan to have sustained economic growth. According to World Intellectual Property Organisation, China ranks 12 on Global innovation Index (GII), and stands out as the sole upper middle-income economy among the top 30 countries on GII. Saranjam Baig explained how China’s excellence in innovation has led the country toward sustained growth.

“China has excelled in innovation, particularly in the areas of creative goods exports as a percentage of total trade (ranking first), domestic market scale in billion dollars (ranking first), and labour productivity growth percentage (ranking first).” He said China had more than 20 sci-tech clusters supported by the state that were playing an instrumental role in bringing innovations to industrial products. “China has initiated scientific and technological collaborations with over 160 countries and regions. The expenditure on research and development has surpassed $418.2 billion, marking an 11% increase year-on-year,” he pointed out. Unfortunately, he said Pakistan had least inclination toward innovation that explains how it is unable to sustain its growth. He lamented that the country allocated less than 1% of GDP for research and development. Saranjam Baig suggested Pakistan follow the footsteps of China and invest in research and development to sustain growth through innovative products and cutting-edge technologies.

Credit: Independent News Pakistan (INP)