Preliminary communication
INNOVATIONS AS A FACTOR FOR COMPETITIVE ECONOMY WITH THE OVERVIEW OF BOSNIA AND HERZEGOVINA
Jugoslav Jovičić
; University of Travnik, Banja Luka, Bosnia and Herzegovina
Stevan Petković
; University of Travnik, Banja Luka, Bosnia and Herzegovina
Abstract
The role of knowledge in achieving competitive advantages is increasing every day, and strong support to these aspirations is based in innovations and knowledge. Through innovative approach and support to small and medium enterprises in terms of innovations, almost every country can achieve bigger growth, development, more employment and better economic results. Therefore, it is extremely important to raise the awareness on the need to support the innovations and its appliance in economy, since that contributes to increase of competitiveness. Without improvement of cooperation between science and economy there is no economic development and that is why it is necessary to invest in innovations and increase of competitiveness. It is the fact that the most competitive economies are at the same time the most innovative ones, and those are the countries closest to the knowledge society. The situation in Bosnia and Herzegovina in terms of innovations and research, comparing to the countries in the region, is not at the high level and we have small number of researchers and also insufficient investments in financing the innovations. This is confirmed by the fact that Bosnia and Herzegovina is the worst listed country in the region according to the last Global Innovation Index in 2015, having only 79th position (out of 141 surveyed countries); and Bosnia and Herzegovina was not even taken into consideration in the last Global Competitiveness Report 2014/2015.
Keywords
innovations; competitiveness; Bosnia and Herzegovina
Hrčak ID:
159142
URI
Publication date:
3.6.2016.
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