INNOVATIVE POLICY REFORMS FOR SUSTAINABLE DEVELOPMENT: EMPIRICAL EVIDENCE FROM PICS

The science and technology capabilities inculcate economic growth in a country through variousprocesses engaged with absorption and utilization of existing knowledge, and creation of newknowledge. The Pacific Island Countries consisted of many small developing island nations naturallyhave limited S&T capabilities and narrow development agenda. The present study explores howdifferent island nations in the Pacific configure themselves and design development initiatives inthe global economy. Recent policy initiatives, S&T establishments and innovative approaches inPICs are visited to derive reasonable conclusive remarks. The analysis disclose existence of focussedbut partially fragmented move towards sustainable development rather than driving the economyfor generating a competitive edge in the business world. The fabric of the economic growth insmall developing nations is naturally blended with the social and cultural interests and henceinnovations across specific segments of economic sectors are chosen based on their capabilitiesand access to resources. Hence, the evidence reimpose that fact that the small developing nations,in particularlythe PICs, select the path of development to generate the competitive advantage inthe global market, while emphasizing sustainability as a priority