The 2018 Bloomberg Innovation Index results published on January 22, this year which compiles the index based on data from sources including the World Bank (WB), International Monetary Fund (IMF) and Organization for Economic Co-operation and Development (OECD), credits South Korea’s top ranking to Samsung.

The electronics giant is South Korea’s most valuable company and has received more US patents than any company other than IBM since the start of the millennium.

This innovation trickles down the supply chain and throughout South Korea’s economy. It was divided into seven assessment categories namely, research and development (R&D), manufacturing, Hi-tech density showing the number of domestic high-tech companies, tertiary efficiency showing the total enrollment in tertiary education, research personnel and activity showing resident patent filings, total patent grants and patents in force per million population.

South Korea ranked first in the patent activity category and second in R&D intensity and manufacturing added-value and 21st position in productivity, the category in which it came in 32rd last year.

“The South Korean government will keep trying so that the productivity of the local service industry, which is relatively lower than that of the manufacturing sector, can be improved with time,” the Ministry of Strategy and Finance. South Korea was followed by Sweden, which recorded 84.7 points.

Singapore jumped from sixth to third with 83.05 points. Japan ranked sixth with 81.91 points, the United States came in 11th with 80.42, and China took the 19th place with 73.36.

Innovation by its nature is about the creation of products and services that make life better, whether it involves agricultural products, manufacturing, culture, infrastructure, entrepreneurship or whatever.

Any country must foster a culture of innovation although it's not easy to do and therefore, the need for a concrete corporation with the countries that have experienced the best practices in this field, particularly South Korea is very important.

The 2018 Bloomberg Innovation Index came out when the fifth phase government under President John Magufuli, is heading to economic transformation from depending agriculture as the backbone economy to the industrialized state. Yes, we can move quickly with a dramatic change from agricultural economy to industrialization.

But this could not be easily achieved if the country will not increase and prioritize the investing in innovation, especially in R & D at all level of production of local goods and services.

Personally, I think this should be starting with the agricultural products which are the most needed raw materials in many industries at local and international levels. Innovation has got a big role in transformation processes, from improving the quality of goods and services add value and increase circulation to the markets within and outside the country.

In this regards, Tanzania has to take every steps and efforts to ensure that the existing bilateral relationship with South Korea helps the country to achieve and succeed in the field of innovation.

Tanzania has established different institutions like Tanzania Commission for Science and Technology (COSTECH) with the vision which states that; a prime driver of science, technology and innovation for sustainable development.

COSTECH has entitled to perform different roles includes promoting, coordinating, monitoring and evaluating scientific research and technology development and transfer activities in the country and to facilitate national, regional and international cooperation in the respective areas.

Also the COSTECH is mandated to acquire, store and disseminate scientific and technological information and popularize science and technology.

COSTECH is among other public and private entities that engaged in innovation of technology and other development grounds, with the focus on fostering social economic development.

It’s a good move, but still the country has to learn more. Take an example of various credible sources which proved that in early 1960’s, not long after the Korean war, the country’s GDP per capital was on the same level as many African countries like Tanzania.

But South Korea had utilized different approaches like investing in innovation mainly in R&D, hence made the country to lead in the Bloomberg Innovation Index for the fifth years consecutively.

Bronwyn Hall, Professor of economics at the University of California in United States says in many countries, scientists who are the government employees working in prestigious institute have little incentive to commercialize their work, so the public is slow to benefit.

Professor Hall revealed that in South Korea, research intensive companies led by Samsung have modernize the whole economy as in 2014, the company allocated USD 14billion for annual R&D spending.

While Tanzania is progressing its economic transformation and other implement huge social development projects, should focus on innovation, and in this case, the cooperation with its development partners like South Korea is very important because it could easily benefit from different learning and exchange programmes.

Among the things to learn from South Korea is the strong cooperation between public and private sector. Emerging of Samsung in the South Korean’s leading the 2018 Bloomberg Innovation Index gives different meaning including the collaboration of government support and private sector in fostering the national economic growth.

More to the point of view, neither the government nor private sector can singularly succeed to bring about economic growth, positive changes for development and social wellbeing of the people, except through the solid cooperation between the two.