- 3
"In addition, we have given greater priority to supporting research and development and funding facilities, in order to assist technologically-based industries and businesses."
Noting that indigenous scientific resources were important, both as a means of developing new technologies and exploiting those transferred from outside, Mr Chau said: "However, external investment is an increasingly important source of technology
for many APEC economies.
"APEC has signalled the importance it attaches to promoting investment through the agreement of a set of non-binding principles, which sets out clear objectives for the liberalisation of investment regimes.
"This practical step will do much to encourage the flows of investment and technology into the region and amongst APEC member economies."
Mr Chau said: "While it is natural for governments around the region to focus on building their internal technological infrastructures, we must not neglect the regional and international mechanisms, both formal and informal, which enable the scientific and technological community to share ideas and co-operate in the further advancement of human knowledge.
"The shared understanding reflected in APEC's common policy concept for scientific and technological co-operation is an important contribution to this area.
"The projects proposed by APEC members will help deepen understanding of the ways in which technology can be applied jointly to solve diverse problems."
While conceding that trade flows had helped stimulate world-wide economic growth in this century, Mr Chau believed technology flows would be seen to be equally significant over the next hundred years. "Trade in ideas may soon come to rival trade in goods as the main vehicle for exchanges between economies.
"But if this is to happen, we must continue to strengthen the protection accorded to ideas, or intellectual property as applied ideas are known," said Mr Chau.
End/Thursday, October 5, 1995