An examination of economic diplomacy and its role in fostering innovation: Evidence from bilateral tech agreements in Lagos State
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- Table of Content: Available
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- NGN 5000
Background of the Study:
Economic diplomacy is a strategic tool used by nations to promote national interests by facilitating international partnerships, particularly in technology and innovation. In Lagos State, bilateral tech agreements have emerged as a key component of economic diplomacy, enabling knowledge transfer, collaborative research, and technological advancement. These agreements often involve joint ventures, research partnerships, and innovation incubators that drive economic growth and competitiveness (Thompson, 2023). This study explores how economic diplomacy through bilateral tech agreements influences innovation ecosystems in Lagos State. It examines the negotiation processes, policy frameworks, and strategic objectives underlying these agreements, while assessing their impact on domestic technological development. The research integrates case studies and empirical data to highlight how such initiatives foster innovation by attracting foreign investment, enhancing research capabilities, and stimulating the local tech industry. It also evaluates challenges such as regulatory hurdles and intellectual property issues that may hinder the effective implementation of these agreements (Adekunle, 2024).
Statement of the problem:
Despite the potential benefits of bilateral tech agreements, Lagos State faces challenges in leveraging these initiatives for sustained innovation. Issues such as bureaucratic delays, inadequate infrastructure, and regulatory uncertainties impede the full realization of technological benefits (Ibrahim, 2023). This study seeks to assess these challenges and propose strategies to enhance the impact of economic diplomacy on fostering innovation.
Objectives of the Study:
To evaluate the role of bilateral tech agreements in promoting innovation in Lagos State.
To identify barriers hindering the effectiveness of these agreements.
To recommend strategies for optimizing economic diplomacy to drive technological growth.
Research questions:
How do bilateral tech agreements contribute to innovation in Lagos State?
What challenges affect the implementation of these agreements?
How can economic diplomacy be enhanced to support technological advancement?
Significance of the Study:
This study provides crucial insights into the intersection of economic diplomacy and innovation. Its findings will aid policymakers and industry leaders in refining bilateral agreements to foster a more robust and dynamic technological ecosystem in Lagos State (Martinez, 2024).
Scope and Limitations of the Study:
Limited to the topic only.
Definitions of terms
Economic Diplomacy: The use of diplomatic channels to promote economic interests.
Bilateral Tech Agreements: Cooperative agreements between two countries focusing on technology and innovation.
Innovation: The process of translating ideas into commercially viable products or services.
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