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Singapore is the 7th most innovative country in the world
03 October 2022
The World Intellectual Property Organization (WIPO) has released the Global Innovation Index (GII) 2022 which shows Singapore as the 7th most innovative nation in the world and the second most innovative in Asia.
Singapore moved up a spot from its GII 2021 ranking.
The country continued to perform well in the GII’s traditionally strong indicators. Among these is Institutions where the country maintained its number one ranking. Another is Infrastructure where Singapore climbed from 15th spot in 2021 to 11th in 2022. Human capital and research is another area where Singapore has done well, rising from 9th position in 2021 to 7th in 2022.
Singapore also saw steady improvement in other indicators. Under Market sophistication, the country moved up from 5th to 4th. It also inched upwards from 3rd to 2nd spot under Business sophistication. Under this indicator, Singapore made considerable gains in ICT services import (as % of total trade) as well as gross expenditure in R&D (GERD) financed by businesses (as % of total GERD) - an indication of the uptick in investments into R&D and innovation by businesses in Singapore.
The country has also strengthened its innovation linkages, faring well in indicators such as University-industry R&D collaboration.
These results highlight Singapore as a modern services hub whose business environment is attractive enough to lure and inspire the growth of local and global innovative companies.
“We’re heartened that Singapore has moved up a notch to be ranked the 7th most innovative country in the world,” said Rena Lee, Intellectual Property Office of Singapore chief executive. “Our good performance in traditionally strong indicators such as Institutions, Infrastructure and Human capital and research were bolstered by improved showings in indicators which measure business and market sophistication. On the IP front, we also improved in our ranking for the number and reach of patents filed in Singapore.”
Republic of Korea claimed 6th spot to be the most innovative in Asia. Other Asian countries making it to the Top 20 in the GII rankings are China (11th), Japan (13th) and Hong Kong (14th).
- Espie Angelica A. de Leon
