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to price rises and job cuts. Now on BBC News all the latest | :00:00. | :00:12. | |
business news live from Singapore. More jobs and greater economic | :00:13. | :00:16. | |
process, how innovation can help Asian countries find a way. How | :00:17. | :00:22. | |
cutprice smart phones are helping millions to go mobile in India and | :00:23. | :00:27. | |
creating huge opportunities for businesses. Welcome to Asia Business | :00:28. | :00:37. | |
Report. No other region in the world has achieved growth at the rate of | :00:38. | :00:42. | |
Asia over the last three decades but their bank is warning that to avoid | :00:43. | :00:46. | |
being stuck in the middle income track, countries have to move away | :00:47. | :00:52. | |
from agriculture and low`end manufacturing and engage in | :00:53. | :00:56. | |
technology, skills and services. They invest millions in innovation | :00:57. | :01:02. | |
but can you manage its benefits? It has been tracked for the first time, | :01:03. | :01:08. | |
ranking Japan in first. Korea is on it's heels with many following | :01:09. | :01:17. | |
behind. Me San Suu Kyi, Pakistan and Cambodia are at the bottom of the | :01:18. | :01:25. | |
list `` Myanmar. We have created an index which measures the | :01:26. | :01:30. | |
efficiency, I am talking about infrastructure and innovations but | :01:31. | :01:35. | |
most importantly, to see whether we have converted that into efficiency | :01:36. | :01:41. | |
of output. This index is unique in that it is able to do that and can | :01:42. | :01:45. | |
also tell you whether a country has the capacity to innovate, incentives | :01:46. | :01:52. | |
to do so and did the right kind of environment for innovation. It seems | :01:53. | :01:59. | |
like it is dependent on many different factors but the greatest | :02:00. | :02:01. | |
amount of innovation and creativity, whereabouts is it in | :02:02. | :02:08. | |
Asia and which sectors? Japan is number one in our index. They have | :02:09. | :02:15. | |
done pretty well in a number of sectors, technology, they are quite | :02:16. | :02:25. | |
good. Asia in general have a tendency to not include this | :02:26. | :02:29. | |
innovation and creativity as part of their education and this is where | :02:30. | :02:32. | |
they will have to do a lot in the future including new education. You | :02:33. | :02:39. | |
were talking about inputs and how it is measured Rue patrons but `` | :02:40. | :02:59. | |
through pay tends to `` through patents. But what about Singapore? | :03:00. | :03:08. | |
That's right. They need better outputs in the future. There is so | :03:09. | :03:15. | |
much potential. Some of the smaller countries do not have it. That is | :03:16. | :03:21. | |
the good part of the index, often innovation is seen as something only | :03:22. | :03:28. | |
in the reach of the developed countries but it is equally | :03:29. | :03:32. | |
important for smaller countries. Innovation is also a key theme of | :03:33. | :03:40. | |
the world `` World Economic Forum I'm Mike Embley. But if China is | :03:41. | :03:51. | |
going to continue to grow, they will need to make some changes. Now we go | :03:52. | :03:56. | |
to our correspondent. What can you tell us? China is working to become | :03:57. | :04:02. | |
far more innovative and they need to ask whether they are working towards | :04:03. | :04:10. | |
the right skill set? The importance of education is an area that has | :04:11. | :04:16. | |
been very well researched and I spoke to a senior partner in Asia | :04:17. | :04:23. | |
about it. It is one of the gig as challenges for China going forward, | :04:24. | :04:28. | |
to create enough high`quality jobs that will help people move towards | :04:29. | :04:33. | |
the middle class. Just standing still with a number of jobs in | :04:34. | :04:37. | |
manufacturing and service sectors. The unemployment rate is relatively | :04:38. | :04:43. | |
low, around 5%. It is massive underemployment in many sectors. | :04:44. | :04:49. | |
Especially in government companies and the like. They are being pushed | :04:50. | :04:55. | |
by five at sectors and manufacturing `` private sectors. They are | :04:56. | :05:01. | |
deploying the technology that they need to put robots on the line | :05:02. | :05:07. | |
because labour has pushed up the minimum wage so much in China and | :05:08. | :05:15. | |
labour has become very expensive. The state of enterprise is that they | :05:16. | :05:20. | |
compete and have to do the same thing. So we have significant | :05:21. | :05:27. | |
underemployment, what happens when this country becomes even more | :05:28. | :05:32. | |
technologically driven and driven by innovation? It will not be a good | :05:33. | :05:36. | |
outcome if it continues as it is but the good news is, many people | :05:37. | :05:40. | |
recognise bat and there will be fewer jobs in traditional services | :05:41. | :05:46. | |
like large`scale retail. Thank you Boka longline and even agriculture | :05:47. | :05:51. | |
will be mechanized. What you have to do is change the education system | :05:52. | :05:55. | |
while people are in traditional schooling to encourage them to | :05:56. | :06:00. | |
develop the skills to be more creative. There needs to be a scale | :06:01. | :06:09. | |
of free training for the people that lose their jobs. It is just getting | :06:10. | :06:15. | |
started and it will be massive opportunity for private sector | :06:16. | :06:21. | |
businesses. You are optimistic but do you worry about the interim | :06:22. | :06:25. | |
period? Do you worry about what happens while China transitions with | :06:26. | :06:29. | |
millions of graduates who cannot find work? I do worry that if we let | :06:30. | :06:36. | |
this extend for too long, a generation of graduates will never | :06:37. | :06:39. | |
get three skilled and will become lost. The implications of that will | :06:40. | :06:51. | |
be horrible `` re`skilled. At this is a cultural issue as well as an | :06:52. | :06:55. | |
educational one so you cannot envy the task. Thank you. The latest | :06:56. | :07:09. | |
iPhones could well shake up the market but in India low`price mark | :07:10. | :07:13. | |
devices are bombarding the market. They are set to open new online | :07:14. | :07:17. | |
opportunities as millions of people take to the Internet for the first | :07:18. | :07:20. | |
time. Now we go to our correspondent. India is going | :07:21. | :07:29. | |
mobile. Smartphone sales have almost doubled from the same time last year | :07:30. | :07:32. | |
as low`cost models have hit the market, voting devices into the | :07:33. | :07:40. | |
hands of numbers Dove huge numbers of Indians for whom they were | :07:41. | :07:49. | |
previously out of reach. `` huge numbers of. The Cloud Fx was just | :07:50. | :08:01. | |
launched. Big prize is just 33 US dollars. `` the price. More Indians | :08:02. | :08:12. | |
are now online, over half a billion in three years time. They believe | :08:13. | :08:21. | |
Indian companies should grab this opportunity and provide immediate | :08:22. | :08:28. | |
content, mobile phones and other media to the masses. Telecom is huge | :08:29. | :08:40. | |
and movies are big. Indian oriented services have not yet been created. | :08:41. | :08:46. | |
There is a loss of vernacular which will be asked for by Indian | :08:47. | :08:51. | |
consumers. Mobile retail could also be much bigger than it is today but | :08:52. | :08:55. | |
only if new users can be coaxed into shopping online. This mobile app | :08:56. | :09:02. | |
developer is adept at overcoming consumer reluctance and believe new | :09:03. | :09:07. | |
consumers need to be offered incentives to purchase online and an | :09:08. | :09:12. | |
option to pay in cash. Not everybody has money in India and if you were | :09:13. | :09:18. | |
going to go to any income, you would see cash on delivery as an option | :09:19. | :09:23. | |
for low value products. Late last month, the government announced a | :09:24. | :09:29. | |
programme to boost financial inclusion which could allow | :09:30. | :09:34. | |
increased mobile banking. Cash may be king for now but it appears that | :09:35. | :09:40. | |
India's online business ecosystem may be taking shape. You can catch | :09:41. | :09:51. | |
more of that and other stories over the weekend. Starbucks is | :09:52. | :09:58. | |
reconsidering its dress code for its workers. Staff with tattoos have | :09:59. | :10:02. | |
been told to keep them completely under wraps. The coffee giant may | :10:03. | :10:07. | |
now be changing its mind with an internal e`mail saying that they are | :10:08. | :10:10. | |
revisiting their dress code including the tattoo policy. Asian | :10:11. | :10:16. | |
shares are fairly flat this Friday with data from China due out this | :10:17. | :10:23. | |
weekend. Industrial production and retail sales info will be released | :10:24. | :10:29. | |
over the weekend. Thank you for watching. | :10:30. | :10:39. | |
I'm Mike Embley. The top stories this hour. Cleared of murder but | :10:40. | :10:43. | |
it's not over yet: on Friday Oscar Pistorius finds out if he's cleared | :10:44. | :10:46. | |
or convicted of the manslaughter of his girlfriend. Ten Arab countries | :10:47. | :10:49. | |
agree to join the American coalition against the jihadists of the | :10:50. | :10:55. | |
militant group Islamic State. An | :10:56. | :10:56. |