Economy needs innovation to drive: Envoy

 ALTHOUGH Papua New Guinea’s landmass is 1.2 times bigger than Japan and it is rich in natural resources, Japan’s Gross Domestic Product is 300 times bigger, Ambassador Morio Matsumoto says.

“This means that each Japanese national creates 25 times more value than a Papua New Guinean,” he said.

“I’m not saying that PNG nationals are very lazy. I am saying there must be a secret to such a big success from a small country like Japan. The success is through innovation.”

Matsumoto was a guest speaker at the orientation of first-year students at the University of Technology in Lae.

“In order to succeed in the 21st century, PNG must make use of the huge opportunities which technology has made available to strengthen its economy,” Matsumoto said. 

Matsumoto, a professor at the Asia-Pacific University in Kiyusu, Japan, before his current posting, said the economy needed innovation to drive it.  

“PNG is now trying to transform itself into a more sustainable economy in response to social and technological changes,” Matsumoto said. “Innovation is a key. Innovation gives opportunities. 

“The University of Technology is an institution that will drive this innovation approach. Being innovative is not taught at school. It is more experimental. You have to make trial and error to be innovative. 

“It is your responsibility to be innovative.”