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Science, Technology and Innovation for Sustainable Development in Asia and the Pacific

Policy Approaches for Least Developed Countries

image of Science, Technology and Innovation for Sustainable Development in Asia and the Pacific
Despite consensus on the transformative potential of STI, there remains a lack of clarity on how Least Developed Countries (LDCs) can effectively implement it for inclusive and sustainable development. With limited financial resources it is not feasible for LDCs to simply invest significantly in research and development (R&D) activity and develop world-class universities and infrastructure. This publication highlights key innovation polices which have the potential to enable LDCs to reap the benefits of innovation in a cost effective manner.

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STI investment

A country may have at its disposal multiple sources of finance for innovation (e.g. domestic finance, foreign direct investment (FDI), donor capital). To effectively and efficiently deploy this capital, alignment of financial flows to STI strategies for sustainable development will be key. In LDCs, direct government funding for STI for sustainable development may be limited. As such, it will be important to create a conducive environment for investment to ensure benefits for the economy, society and the environment. This chapter focuses on how governments can create a conducive environment to attract FDI, the benefits of exploring public-private partnerships and the role of impact investing and donor capital. It also provides examples of how LDCs could collaborate to create substantive STI funding mechanisms.

English

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