Innovation is critically important to Nova’s Scotia’s economic prosperity. With COVID-19 disrupting markets and accelerating the need for automation and digitization, Nova Scotia firms need to respond to these challenges, according to APEC"s latest report that examines the role of technology adoption and process innovation.
COVID-19 is changing manufacturing, retail and other sectors as social distancing measures reduce productivity and consumers shift to online shopping. Companies will need to improve their competitiveness in the face of lower demand and change the way they meet customer needs.
Canada and Nova Scotia trail many leading countries in the adoption of new technologies and spending on innovation. Governments should encourage companies to invest in machinery and equipment and research and development as part of their economic recovery plan.