Singapore keeps 8th place in global innovation index

The country ranked first in innovation input and investment sub-indeces.

The Singapore government announced that the country kept its ranking as the eighth most innovative nation in the Global Innovation Index (GII).

This index was released by the World Intellectual Property Organization. Rankings are based on two sub-indices (Innovation Input Sub-Index and Innovation Output Sub-Index) and 80 indicators grouped into seven categories. These include institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.

Singapore ranked first in the innovation input sub-index, a spot it held for the past decade. The country also experienced a jump to the 13th from the 15 place in 2020 from the innovation output sub-index. Two pillars are present in the innovation output sub-index, with Singapore’s performance in both improving; knowledge and technology output, to 13th from 14th, and creative output, to 17th from 18th.

Meanwhile, in the market sophistication pillar, the country ranked fifth globally, topping the investment indicator. Included in the rubrics of the pillar are the economy’s market conditions and level of transactions. Under this pillar, the country also saw an improvement in the investment sub-pillar from second to first and first in venture capital investors and venture capital recipients.

Singapore also ranked third globally in the business sophistication pillar. Placings in the innovation linkages and knowledge absorption areas improved to 13th from 18th and 2nd to 1st, respectively. The jump in knowledge absorption can be attributed to improvements in FDI net inflows and research talent at second to third and 23rd to 21st, respectively. 

In knowledge and technology output, Singapore saw an improvement, from 13th from 12th. The top spots for high-tech manufacturing and high-tech exports were also occupied by the country. 

Singapore also continued its performance in the Institutions pillar, with strong performances in the sub-pillars of the politcal environment and regulatory environment.

Rena Lee, IPOS CEO, attributed this to the strategies laid out in the Singapore IP Strategy 2030.

“Singapore continues to do well as an innovative economy, performing well in the key innovation indexes for the GII. Singapore has also excelled in key economic indicators, topping the 'Investment' pillar and capital raising, and financing indicators. Many of the strategies we have laid out in our Singapore IP Strategy 2030 will help us to continue providing a conducive environment for enterprises to innovate and grow,” said Lee.