Friday 18 January 2019

UAE 'most innovative economy' in Arab world

GENEVA, August 15, 2016

The UAE ranked first among Arab countries and 41st worldwide in terms of overall performance on the 2016 Global Innovation Index (GII), with Saudi Arabia taking the second spot in the region (49th worldwide).

This year’s Global Innovation Index, released by Cornell University, Insead and the World Intellectual Property Organization (WIPO), measured the performance of 128 countries and economies in the area of innovation which represents the majority of the global workforce and global GDP. The 2016 index is based on 82 sub-indices which measure innovation in detail and provide a clear understanding of how it drives economic growth and prosperity.

The index results attributed the outstanding progress made by the UAE this year to its sustainable achievements in innovation inputs, especially the strengthening of institutions and market sophistication. The UAE has one of the best political and legislative environments in the world along with outstanding development in information technology, communications, infrastructure and innovation linkages.

Switzerland, Sweden, the UK, the US, Finland and Singapore lead the 2016 rankings in the Global Innovation Index (GII).

China joins the ranks of the world's 25 most-innovative economies, marking the first time a middle-income country has joined the highly developed economies that have dominated the top of the GII in its nine editions of surveying the innovative capacity of over 100 economies.

Despite China's rise, an "innovation divide" persists between developed and developing countries amid increasing awareness that fostering innovation is crucial to a vibrant, competitive economy.   

"In this current economic climate, uncovering new sources of growth and leveraging the opportunities raised by global innovation are priorities for all stakeholders," says WIPO Director General Francis Gurry.   

Fifteen of the top 25 economies in the GII come from Europe.  Switzerland retains the top position for the 6th consecutive year. Following regional leaders Sweden and UK are Finland (5), Ireland (7), Denmark (8), Netherlands (9), and Germany (10), which joins the top 10 in 2016.

In Northern America, the US (4) continues to be one of the world's most-innovative nations. Canada is ranked 15th.

Israel (21) and Cyprus (31) are the top two nations in the Northern Africa and Western Asia region for the 4th consecutive year. Turkey ranks 4th of the top five in this region.

In Latin America, Chile takes the top spot among economies in the region (44), followed by Costa Rica (45), Mexico (61), Uruguay (62), and Colombia (63). Brazil is at 69.

India, 66, is the top-ranked economy in Central and Southern Asia.

In Africa, Mauritius takes the top spot at 53, followed by South Africa (54), Kenya (80), Rwanda (83), Mozambique (84), Botswana (90), Namibia (93), and Malawi (98). - TradeArabia News Service

Tags: UAE | world | GII | innovative | economies |

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