S'pore 7th in global innovation index, Latest Business News - The New Paper

S'pore 7th in global innovation index

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Singapore retained its No. 1 position for innovation among South-east Asian nations in the annual Global Innovation Index (GII).

Globally, however, it slipped one notch to seventh place, despite gains in innovation output and innovation efficiency - two indicators where it lagged behind before. The slip can be attributed to other nations closing the gap, with at least three key Asian countries rising up the ranks.

China was the top Asian gainer, up three spots at 22nd.

The index, released yesterday, is co-published by Cornell University, Insead and the World Intellectual Property Organisation, and surveys about 130 economies.

Switzerland continued its dominance as the world's most innovative economy for the seventh consecutive year.

Singapore retained its top global position for innovation input, and advanced by three places in innovation output to 17th place.

This helped to boost its innovation efficiency ratio, which measures how much innovation output an economy gets for its input, to 63rd place from 78th last year.

Innovation output includes criteria such as patent applications, trademarks and even video uploads on Youtube, while innovation input includes the quality of human capital and research.

Mr Daren Tang, chief executive of the Intellectual Property Office of Singapore, said the agency was encouraged by the Republic's strong performance in the index.

He said: "The translation of innovation investments into enterprises that help drive our economy and create jobs is not an easy task.

"However, in a short span, we have improved our ability to do so, as evidenced by our improving scores in innovation efficiency as measured by the GII."