China moves up to 17th in WIPO innovation ranking

China moves up to 17th in WIPO innovation ranking

China moves up to 17th in WIPO innovation ranking

The Netherlands, Sweden, the United Kingdom, Singapore, United States of America, Finland, Denmark, Germany and Ireland rounded GII 2018 top ten.

This provides decision makers with an overview about the innovation activity, which stimulates economic and social growth.

Muscat: The Sultanate jumped eight notches at the Global Innovation Index (GII) as it came 69th in 2018 compared to 77th in 2017; thanks to the continuous efforts made by the innovation stakeholders.

"In absolute values, and in areas such as research and development expenditures and the number of researchers, patents and publications, China is now first or second in the world, with volumes that overshadow most high-income economies", it read. China climbed to 17th from 22nd place a year ago, according to the ranking.

WIPO is a specialised agency of the United Nations.

The report also noted that some middle and lower-income economies such as Indonesia, Malaysia, Thailand, and Vietnam continue to move up the ranking in terms of innovation "perform significantly better on innovation than their level of development would predict".

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Africa's most innovative economies were able to attract higher foreign direct investments (FDI) that translated into more jobs for the youth and increased revenue streams to support social sectors like education and health, although investments in ICTs and creative industry were behind modernization of economies in sub-Saharan Africa.

South Africa topped the list of the most innovative economies in Africa followed by Mauritius and Kenya thanks to policy incentives coupled with investments in modern technologies, skills upgrade and scientific research.

The theme of the 2018 GII edition is "Energizing the world with innovation", looking at the need for expanded innovative work in climate-friendly green technology amid rising energy demands worldwide.

Projections indicate that by 2040 the world will require up to 30 per cent more energy than it needs today and conventional approaches to expanding the energy supply are unsustainable in the face of climate change.

Among lower middle-income economies, India moved up to the fifth position in the GII rankings. "The Indian government and CII are working closely with the GII team to further improve the Indian innovation performance", said Chandrajit Banerjee, director general of the CII. India's Confederation of Indian Industry (CII) is one of the knowledge partners which assists the GII team in bringing out the annual ranking.

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