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2019-03-19   14:13:08   INGLÉS
Mexico has the potential to be a pioneer in technological innovation

Mexico, Mar. 19 (Notimex).- Mexico can be a pioneer in technological innovation through greater investment in research and development, as well as a good education, says the study "The Future of Mexico: a Global Innovation Hub".

The research, carried out by the consulting firm Frost & Sullivan, shows that Mexico's economy has the potential to earn more than 245 billion dollars in cumulative growth of the Gross Domestic Product (GDP) until 2025.

With the largest financial technology ecosystem in Latin America, it says, Mexico is capable of building multiple start-up centers in cities such as Mexico, Guadalajara, Monterrey and Tijuana.

"A growing allocation in Research and Development is required, having hope is not a strategy (...) in the last six years no significant results have been generated," said Richard Sear, partner and Senior Vice President of Frost & Sullivan.

He also noted that Mexico's performance in innovation has been strengthened in recent years due to reforms and constant government policies, so, with the support of the new administration, Mexico can become a pioneer of innovation in Latin America and in the world.

The study points out that the demographic advantages, which will reach their peak in the next decade, and the best support of startups will lay the foundations for a solid culture of innovation.

He adds that although spending on research and development has been higher in countries such as the United States, Korea, the United Kingdom and Singapore, in the last six years, the growth of new companies has been greater in Mexico, since 2010, the number of Mexican technology companies has tripled.

In that sense, Richard Sear considered that educational programs in Mexico have to change and that technology must be present in a way in which students learn.

"By the year 2025, more than 45 percent of the population will be composed of millennials and Generation Z, therefore, the government should focus on raising education standards and promoting youth training programs and entrepreneurship," the report says.

During the presentation of the research, sponsored by Cisco and the Canieti, Richard Sear considered that Mexico is well positioned to be an innovative leader in Latin America in emerging areas, such as electric vehicles, 4G / 5G telecommunications deployment and affordable, intelligent and ecological housing, as well as in tourism and medical devices.

He also said that by 2030, the Mexican middle class will rank among the top 10 contributors to global middle class consumption, and this increase in economic activity is already driving innovation in retail.

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