Knowledge-based economy is a new form of global economy in the 21st century. Many advanced countries already entered a new era of knowledge-based industries especially in the field of information technologies. The term “knowledgebased economy” resulted from recognition of the role of knowledge and technology in economic growth. In knowledge-based economy, continuous innovation is the key to sustainable competitive advantage (Plessis, 2007). The significance of knowledgebased economy and innovation are not neglected by developing countries especially in Asian continent. Asian countries are at different stages of their transitions to knowledge-based economies due to different levels of economic development and capabilities for producing and using information communication technology (ICT). This reflects the fact that the Asian countries have different visions of how to develop knowledge-based economies.