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Singapore ranked world's third for innovation
Jul 04, 2012
by Cheryl Tay Singapore was once again ranked third among 141 economies, at the latest Global Innovation Index (GII), based on its innovation capabilities and results. Jointly produced by the United Nations' World Intellectual Property Organisation (WIPO) and business school INSEAD, the 2012 GII revealed that among the top 10 were high-income, predominantly European economies, led by Switzerland and Sweden. The only non-European countries were Singapore (third), Hong Kong (eighth) and the United States (10th). Singapore topped the list on the "input" sub-index, which includes institutions, infrastructure, human capital and research, business sophistication and market sophistication. On the other hand, Singapore only ranked 11th in terms of "innovation output", defined as the results of innovative activities in the economy. The GII report highlighted Singapore's strengths, such as "a robust research community, sophisticated financial and commercial markets and a business community proactive at adopting the latest technologies." "The leading countries this year are those that have managed to foster an environment of continued facilitation and investment in innovation, which is a long-term undertaking but also a long-term factor in economic success," said Nina Laven, Associate Director at Insead eLab, which produces the GII.