This is because in order to make investments in technology, a country must have sufficient human capital. Formal education must also become less about passing on information and focus more teaching people how to learn as well as to think. Often we neglect to develop creative thinking ability which is the foundation for the development of new ideas, new ways of doing things, which of course ultimately lead to the accumulation of knowledge. Let me reiterate that intellectual capital will become the key for economies to gain and retain competitive edge. Workers will need to have the updated knowledge, thinking skills, relevant skills, positive attitudes and sound values to be able to survive, compete and flourish in this rapidly-changing, technologically driven world.
Intellectual capital is grown through education and training.
For companies and economies to stay competitive, they will need to keep pace and stay at the forefront of changes and developments in technology and other areas. This necessitates, among others, upstream changes in the education and training system. With the information revolution, people will have to be comfortable and adept in the use of technology. People will have to be proactive, to discover new knowledge, create new products or even new industries. Education and training must therefore imbue in people the mentality to be open to change, embrace change, and view change and future uncertainties as opportunities rather than hurdles.