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S’pore tops Asia, slips one place to 7th in Global Innovation Index

SINGAPORE — The Republic has maintained its top position in Asia and slipped one place to seventh globally in terms of innovation capabilities and outcomes, according to an annual index.

In this year’s global ranking, Singapore is the only Asian country in the top 10. The Republic ranks ahead of South Korea (11th), Japan (14th), Hong Kong (16th) and China (22nd). Photo: Reuters

In this year’s global ranking, Singapore is the only Asian country in the top 10. The Republic ranks ahead of South Korea (11th), Japan (14th), Hong Kong (16th) and China (22nd). Photo: Reuters

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SINGAPORE — The Republic has maintained its top position in Asia and slipped one place to seventh globally in terms of innovation capabilities and outcomes, according to an annual index.

Despite the considerable investment made in resources committed towards innovation, Singapore still lags behind in innovation outcomes, according to the ranking.

This year’s Global Innovation Index measures innovation in 127 countries based on the country’s innovation input (elements in the national economy that support innovation activities) and output (actual evidence of innovation results).

The index is co-published by Cornell University, Insead and the World Intellectual Property Organisation (WIPO).

In this year’s global ranking, Singapore is the only Asian country in the top 10.

The Republic ranks ahead of South Korea (11th), Japan (14th), Hong Kong (16th) and China (22nd). The top five countries are: Switzerland, Sweden, the Netherlands, United States and United Kingdom.

While Singapore is top in innovation input — a position it has maintained for the past seven years — it is ranked 17th in innovation output this year, up from 20th last year.

In terms of innovation efficiency, which measures how much innovation output a country gets for its inputs, the Republic ranked 63rd globally, up from 78th in 2016.

“Innovation is the engine of economic growth in an increasingly knowledge-based global economy, but more investment is needed to help boost human creativity and economic output,” said WIPO director general Francis Gurry.

“Innovation can help transform the current economic upswing into longer-term growth.”

The study noted that Singapore ranks top in institutions, with a political and regulatory environment that is very supportive of innovation activities.

In terms of creative output, however, Singapore scores below the median, ranking 85th in trademarks by origin and 75th in printing and publishing output, according to the report.

In the area of human capital and research, the results are mixed. While Singapore is ranked top for tertiary education, it scores poorly in general education — in particular for expenditure in education, where it comes in at 102nd place.

Taking into account research and development, however, the country ranks 5th in the category of human capital and research.

The findings of the Global Innovation Index are consistent with the Bloomberg Innovation Index, which was released in January, where the Republic was ranked 6th.

Elsewhere in the region, the study noted that Malaysia ranks well in high-tech imports and exports, university/industry research collaboration, and graduates in science and engineering.

Thailand’s strengths include creative goods exports and gross domestic expenditure on research and development financed by business, while Vietnam shows the second-best rank in the region in expenditure on education.

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