In the era of globalisation, there is widespread recognition that knowledge-based industries have become a significant contributor to economic growth and development. To be internationally competitive in a global economy requires the creation of distinctive assets such as knowledge, skills, innovation and creativity.
Knowledge has become an internationally recognized factor of production with the new form of capital being the capacity to generate, assimilate, disseminate and effectively use knowledge. Because knowledge forms the basis of technological progress, innovation and the enhancement of human capital, knowledge is recognized as a significant contributor to economic growth and development.