Creating a knowledge-based economy through research

Wednesday, 11 November 2020 00:00 - - {{hitsCtrl.values.hits}}

By Roshan Fernando

For a nation to establish a growth trajectory towards progress and development, it is essential to adopt a knowledge-based economy. To achieve this, ensuring consistent research in most relevant areas is therefore vital.

We live in an era of constant change. Where more research is conducted, the knowhow that is gained paves the way for a more enhanced distribution of knowledge across many sectors of the country and in turn, helps empower industries and human capital.

Without a research-based approach that helps elevate a knowledge economy, any country would only find the transition towards progress to be more challenging and thus, lag behind other countries globally. Therefore, the proper implementation of strategies that would encourage more research to occur would undoubtedly help in creating a sustainable knowledge economy.

In line with this ideal, SLIM launched the ‘South Asian Journal of Marketing’ (SAJM) and is poised extensively as a dynamic platform which would enable the publishing of valuable insights and knowhow gained from the marketing sector with the objective of fulfilling a knowledge economy. A reputed panel of high-profile academics and industry experts were present at the official launch of SAJM.

The launch event was conducted under the umbrella of Restart Sri Lanka – a national initiative to support and uplift the livelihood of people post-COVID 19. The launch was conducted under the theme ‘The Role of Research in Developing a Knowledge Economy’. The keynote speech was delivered by Chief Guest Minister Prof. G. L. Peiris.

Research is essential today in ensuring that the country continues to innovate and develop a position on par with other developing as well as developed countries. To achieve that step forward, research plays a big role in propelling the country forward towards achieving that level of development. Sri Lanka’s R&D expenditure, as indicated in the Sri Lanka Science, Technology & Innovation Statistical Handbook 2015 published in January 2018, is 0.11% of the total GDP. The country’s R&D stance is below benchmark and Sri Lanka’s position on the Global Competitive Index 2018, is at 110 out of 119 countries (Source: http://www.ft.lk/columns/Research-and-Development--Is-it-essential-for-Sri-Lanka-/4-694193).

Understanding Sri Lanka is yet to achieve a reach in comparison with other neighbouring SAARC countries, SLIM extends its service and efforts towards the nation’s economy.

Therefore, significant investing into R&D is essential if the country is to sustain its position and be competitive globally. With SLIM already holding ground as a well-reputed entity and as the ‘National Body for Marketing’ that holds together the marketing fraternity in Sri Lanka, the institution aims to reinvent and provide a driving force to our nation and ensure that our country benefits from the best intellects and expert knowledge needed in order to create a successful R&D environment in Sri Lanka.

The writer is the President of Sri Lanka Institute of Marketing.