Singapore-The Republic has maintained its ranking as the 8th most innovative economy in the world for the third consecutive year. However, South Korea has lost the top spot in the region. South Korea may have had the edge of K-pop and K-drama this time.
In Southeast Asia, East Asia and Oceania, Singapore fell to second place this year after South Korea. Last year, East Asian countries were second in the region.
This is due to the 2021 ranking of the Global Innovation Index for approximately 130 economies released by the World Intellectual Property Organization (Wipo) on Monday (September 20th).
Wipo is one of the United Nations specialized institutions. The organization sees innovation as one of the strongest drivers of global economic growth and social development.
This is the first time that South Korea is in the top 5 in the world, and Wipo ranked in 5th place. Last year it was 10th in the world.
The top four countries in the world this year and last year are the same, with Switzerland ranked first. The rest are Sweden, the United States and the United Kingdom in descending order.
Regarding South Korea’s remarkable rise, the IP organization said South Korea “has especially risen as a result of innovation, especially in terms of trademarks (pending), global brand value, and export indicators of cultural and creative services.”
Wipo Director Daren Tang suggested that the revitalization of the creative economy could be due to the country’s K-pop and K-drama scenes.
The organization added that South Korea enjoyed significant improvements in areas known to companies like Samsung-knowledge and technical achievements.
South Korea’s Minister of Trade, Industry and Energy Moon Sung-wook expands R & D investment in bioscience to support vaccines, medicines and information technology in a de facto statement about countries that are highly rated in the index. He said he did. To deal with digital transformation.
He said such efforts helped drive a rapid recovery of South Korea’s economic data to pre-pandemic levels.
Moon added that the Korean entertainment wave has also won Billboard and Academy Awards, expanding its influence in the global pop culture market.
The Global Innovation Index is based on two broad areas: innovation inputs and outputs.
Innovation inputs are economic factors that enable innovative activities. This includes economic government effectiveness, access to information and communications technology, and payment of intellectual property.
Innovation output refers to the actual results of innovative activities in the economy. They include not only knowledge and technical achievements such as high-tech exports, but also creative achievements such as the quantity of creative goods exported.
According to Wipo, South Korea has risen one input rank to 9th place in the world this year, and its production rank has risen 5th to 5th place.
For Singapore, we maintained the highest input rank in the world this year as well. Its output rank has also improved by two to 13th place.
The Republic was also number one in the two new indicators of financing and funding-related indexes: venture capital investors and venture capital recipients.
Singapore’s Intellectual Property Office (Ipos) said the country’s top rankings in new indicators reflect Singapore’s strong commitment to drive more investment in innovation and technology.
It also ensures timely (financing) of innovative enterprises and the entire government to establish Singapore as a destination of choice for local and global innovative enterprises, especially high-growth and high-tech enterprises. I agree with the initiative. Sector, Ipos said.
Wipo added that the Republic has consistently been one of the top 10 most innovative economies over the last 14 years.
Following South Korea and Singapore, China is third, Japan is fourth and Hong Kong is fifth among the other top five innovation leaders in the region, with the exception of Central Asia, West Asia and South Asia.
Globally, China is approaching the top ten, rising second this year to 12th. It is the only middle-income economy in the top 30.
Wipo said China has made progress over the last few decades and this year’s improvements are primarily in the input of innovation.
“Few countries have made significant and regular progress as much as China in creating a better environment for innovation,” he said. The country is also making progress in industry-academia collaboration.
In terms of innovation outcomes, China has increased significantly in the areas of knowledge and technology.
Wipo’s Tang said this year’s Innovation Index “has remarkable resilience in many sectors, especially those incorporating digitalization, technology and innovation, despite the impact of the Covid-19 pandemic on life and livelihoods. It shows. “
Interestingly, countries like Australia, the United States, Germany and Japan increased their R & D spending last year, despite the pandemic, the organization said. Similarly, in the private sector, R & D spending increased by an average of about 10 percent among companies last year.
“The world is aiming to rebuild from a pandemic, and we know that innovation is essential to overcome the common challenges we face and build a better future,” said the UN agency. Mr. Tan, the first Singaporean to lead, said.
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