Asia showing impressive global innovation rankings
For the second year running, Singapore is ranked as the most innovative country in Asia and ranks as seventh on a global scale, which is actually a one spot drop from last year.
South Korea came in as the second most innovative Asian country and 11th on a global scale, with its innovation strength being in patenting and other intellectual property-related markets.
China continues moving ahead in the overall ranking and is currently placed at 22nd globally, with high scores in business sophistication and knowledge and technology outputs. China has also displayed strong performances in the presence of global R&D companies, research talent in business enterprise, patent applications and other IP-related variables.
Throughout East Asian Nations, Singapore is the top performed in most of the indicators, with the exceptions of ICT services, where the Philippines leads, and expenditure on education, where Vietnam leads.
Thailand’s innovation strengths consist of creative goods export and gross domestic expenditure on R&D financed by business, where it placed fifth and sixth globally.
Globally, Switzerland, Sweden, the Netherland, the US and the UK are the world’s most innovative countries. However, key findings this year revealed that a group of nations including India, Kenya and Vietnam are outperforming other economies at a similar developmental stage.
India has shown to be a fast-emerging innovation centre in Asia. Studies also indicate high innovation performance in Sub-Saharan Africa in improving development and innovation capacity for Latin America and the Caribbean.
Research and development is the engine of economic growth in an increasingly knowledge-based global economy, however more investment is needed to help boost human creativity, innovation and economic output. To find out more about R&D or to determine the eligibility of your business for receiving an R&D tax credit, contact a Swanson Reed R&D Tax Advisor today.