Innovation key to navigating South Africa’s economic challenges

Innovation key to navigating South Africa’s economic challenges

Podcast

Innovation key to navigating South Africa’s economic challenges

Podcast

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Nastascha highlights that the world's most stable economies are also at the forefront of innovation. Countries like Switzerland, Sweden, the United States, and Germany, rank among the highest on the World Intellectual Property Organisation’s Global Innovation Index for their innovation capabilities. This strong correlation between economic strength and innovation is evident.

From a South African perspective, Nastascha notes that South Africa is the 24^th largest country by population and 25^th by land area, with immense untapped potential. Our large labour market and significant immigrant population, combined with three major functional harbours along the 40^th longest coastline in the world, create opportunities for considerable economic expansion. Notwithstanding, the country is facing significant economic challenges.

She explains that innovation should be an important part of any South African company’s survival (turnaround) plan, because the South African government encourages innovation through tax incentives, particularly for research and development (R&D). Companies that qualify for these tax benefits will see a reduction in their tax liabilities and may as a result enjoy improved cashflows.

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