ABSTRACT

In the modern economy, a country's competitiveness is heavily influenced by its ability to innovate; in industry, the service sector, management and administration. A country with high intellectual and human capital, R&D-intensive businesses, efficient financial and institutional infrastructure for technology transfer and the commercialisation of science has higher chances of being closely integrated into the world economy and thus reap the benefits of ever-expanding knowledge-producing global networks. It has significant impact on the profitability of businesses, productivity of the economy and overall welfare of the state.