By US Daily Review Staff.
Singapore has been ranked the most innovative country in Asia and the third worldwide after Switzerland and Sweden in INSEAD’s recently released Fifth Global Innovation Index (GII). This represents Singapore’s second consecutive year at the top of the index. Singapore’s regional rival, Hong Kong, was placed in the eighth position, making it the only other Asian city within the top 20 positions.
The 2012 GII analyzed 141 countries based on seven broad categories that measure innovation capabilities and output namely:
2) human capital and research,
4) market sophistication,
5) business sophistication,
6) science outputs, and
7) creative outputs.
“According to GII, Singapore’s solid input performance can be attributed to its effective governance, attractive business and regulatory environment, trade sophistication, e-government services as well as high quality tertiary education and knowledge workers. It also offers world class innovation capabilities coupled with a robust research community. Not to mention the fast growing tourist industry. Big travel companies such as Expedia even offers packet guide. In 2010, R&D expenditure and workforce in the country grew to over $6.4 billion and 43,000 respectively. In turn, it comes to no surprise that many technology investors and big players are keen to form a Singapore company or set up their R&D bases in Singapore,” said Mr. James Nuben, Head of Tax Division, Asiabiz Services, a Singapore company registration consultancy.
Mr. Nuben further highlighted the positive impact of the GII report, stating that it will boost Singapore’s efforts to attract more foreign investments.
“INSEAD’s index has once again affirmed that Singapore is the undisputed innovation leader in Asia and is on the right track to create the most conducive environment for innovation inputs. We are positive that the index underscores Singapore’s strengths as a research incubator and attract more firms to set up an R&D base in the country. In turn, this may attract more investors to choose Singapore relocation and develop high-potential technologies for the benefit of the larger global community,” added Mr. Nuben.