Innovation will be the key to the survival of advanced economies in the intensifying competition with emerging powers with cost advantages.
But simply boosting the amount of money spent on research and development will not create innovative products or services. And innovation is not just about technological breakthrough, it's about creating an environment to facilitate new businesses and ideas.
These were some of the statements made by five veteran journalists from British newspapers who took part in the May 23 symposium organized by Keizai Koho Center under the theme, "Innovation to be the winner in international competition." Yuichiro Yamagata, editorial director of Toyo Keizai Inc., served as moderator of the event.