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Singapore Moves Up to 7th Spot in Latest Global Innovation Ranking – IPOS

05-Oct-2022 | Source : AG-IP News | Visits : 1691
SINGAPORE - Singapore has moved up a spot and been ranked the 7th most innovative nation in the world in the latest Global Innovation Index (GII) 2022 released by the World Intellectual Property Organization (WIPO), a press release stated by the Intellectual Property Office of Singapore (IPOS).

The GII has several indicators that determine the overall ranking. Singapore continued to perform well in traditionally strong indictors such as Institutions (maintained 1st position), Infrastructure (11th, up from 15th in 2021) and Human capital and research (7th, up from 9th in 2021). Singapore also saw steady improvements in the Market sophistication (4th, up from 5th in 2021) and Business sophistication (2nd, up from 3rd in 2021) indicators. Our excellent rankings in these indicators underscores Singapore’s position as a modern services hub with a conducive environment for local and global innovative companies. 

Singapore saw significant improvement for several indicators under the Business sophistication pillar. For example, we 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), which indicates that our businesses are investing more into R&D and innovation.  In addition, we have strengthened our innovation linkages, faring well in indicators such as university-industry R&D collaboration.    

Said IPOS Chief Executive Rena Lee, “We’re heartened that Singapore has moved up a notch to be ranked the 7th most innovative country in the world. 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.”
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