States opting for innovation to boost economy, UN report says

A revival of industrial policies is under way around the world, the United Nations said on Thursday, with countries going for technological innovation to diversify their economies. The UN’s World Intellectual Property Organisation said greater productivity levels could be reached through specialising in existing strengths. “In economies of all sizes, we are seeing a resurgence in industrial policymaking,” said WIPO chief Daren Tang. “This includes in many developing and least developed countries, who are increasingly targeting economic diversification — and the innovation, creativity and technology required to achieve it — as a means of securing supply chains, addressing national and international challenges and driving sustainable growth. “More and more economies see their future in innovation, creativity, technology and entrepreneurship,” he added. The UN agency on Thursday released its World Intellectual Property Report, which is aimed at helping policymakers make better decisions by strengthening national innovation systems.