International Journal of Economic Integration and Regional Competitiveness
Vol. 2 No. 1 (2025): International Journal of Economic Integration and Regional Competitiveness

ASSESSING THE ROLE OF TECHNOLOGY AND INNOVATION IN ENHANCING PRODUCTIVITY AND REDUCING RELIANCE ON IMPORTS

M. Mohamed Shiraj (South Eastern University of Sri Lanka, Oluvil, Sri Lanka)
A.R.M Arshard (Amana Bank PLC, Sri Lanka)
M. Dhuveeshan (University of Kelaniya, SriLanka)



Article Info

Publish Date
22 Feb 2025

Abstract

Objective: This study examines the role of technology and innovation in enhancing productivity and reducing reliance on imports, focusing on the challenges and opportunities for developing countries. Method: Utilizing a mixed-methods approach, the research combines quantitative data analysis of productivity indicators and trade balances with qualitative insights from expert interviews to explore the impact of technological adoption and innovative practices. Results: The findings reveal that strategic investment in technology and innovation significantly boosts productivity and decreases dependency on imported goods. However, substantial barriers, including inadequate infrastructure, skill shortages, and limited financial resources, hinder the realization of these benefits. The study identifies key policy interventions, such as increased R&D investment, improved access to capital, human capital development, and enhanced intellectual property protections, as essential for fostering an innovation ecosystem. Novelty: This research provides a comprehensive analysis of how tailored policy frameworks can effectively leverage technology and innovation to achieve sustainable economic growth in developing countries, offering a unique perspective on reducing import dependency while enhancing productivity.

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Journal Info

Abbrev

IJEIRC

Publisher

Subject

Description

International Journal of Economic Integration and Regional Competitiveness - researches the broad scope of competitiveness policies and practices across destinations and all regions of the world. With emphasis on mechanisms of economic integration, financial development, creation of prosperity and ...