Success Factors of Asia-Pacific Fast-Developing Regions’ Technological Innovation Development and Economic Growth

Abstract

Asia-Pacific’s fast-developing countries and regions (FDCs)—South Korea, Taiwan Province of China, Singapore, Malaysia, and Thailand—demonstrate the most successful economic development models. The government represents the primary guarantee of FDCs’ economic and social construction. Public and foreign investments and government policies to stimulate local and foreign businesses play a decisive role in the development of technological innovations in these FDCs. In these countries, basic research is increasing through the development of knowledge-based industries, the role of research institutes, the applied research undertaken, and the value of educational institutions. Close cooperation between science and industry led to a change in the structure and nature of the economy, which has become increasingly dependent on new knowledge and ideas. Keywords: Fast-developing countries, Innovative environment, Knowledge-based economy, Human resources