The Importance of Research and Development

720 Words Feb 24th, 2018 3 Pages
There is a necessity to develop the right tools and solutions to deliver the best value to the customers. In any sector of the economy, this necessity is driven by innovation in process, products and services with the objective to enhance the experience and value to the customer. Also, economic globalization and advances in technology have significantly increased market competitiveness. Consequently, innovation, R&D, and education are three extraordinary opportunities for the Dominican Republic that need to be interconnected as a necessity to develop the human capital required for building the society of the future.
In this context, several studies indicate that investment in R&D will foster the capacity to create, spread, adopt, and adapt knowledge in ensuring long-term economic growth and sustainable development. A higher productivity level based on innovation promotes economic growth, creates employment with better levels of remuneration, reduces poverty on a sustainable basis and raises general living standards. The creation and spread of knowledge is carried out by government, businesses, universities, research institutes, and nonprofit organizations.
R&D is recognized as an important driver of economic and social progress worldwide. It can be a powerful source to improve productivity, innovation, and competitiveness; to help to reduce poverty, and to…
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