UAE ranks 34th on Global Innovation Index
ABU DHABI — The UAE, which is strengthening and diversifying its oil dominated economy by using innovative approaches, has clinched 34th position on the Global Innovation Index — a benchmark established by leading International business school INSEAD to encourage innovation in the economic competiveness.
Switzerland topped this year’s GII ranking, with Sweden (second) and Singapore (third).
Leading telecom firm Alcatel-Lucent, Booz & Company, the Confederation of Indian Industry (CII), joined the business school as knowledge partners along with the World Intellectual Property Organization (WIPO), a specialised agency of the United Nations.
The GII includes 16 economies from the Middle East and North Africa, of which two—Qatar (26th) and the United Arab Emirates (34th) —are ranked among the top 40.
While other GCC economies are ranked in the top 60; Bahrain (46th), Kuwait (52nd), Saudi Arabia (54th) and Oman gaining eight places (57th).
Three countries from the region are within the bottom fifteen including the Syrian Arab Republic (115th), Yemen (123rd) and Algeria (125th).
‘Innovation is critical to driving growth in both developed and emerging economies, especially during a time when the global economy is still in a state of recovery,’ said Soumitra Dutta, Roland Berger Professor of Business and Technology at INSEAD and editor of the study.
‘The GII has evolved into a valuable benchmarking tool to encourage private-public dialogue including policy-makers, business leaders and other stakeholders.’
WIPO Director General Francis Gurry stressed that ‘Innovation is central to economic growth and to the creation of new and better jobs.” “It is the key to competitiveness for economies, for industries and for individual firms,’ he said.
He added that ‘innovation and its many benefits do not come without the investment of time, effort and human and financial resources,’ noting that this report captures efforts by a large number of economies to provide an enabling environment that promotes innovation.
China (29th) is the top-ranked emerging economy while India is ranked (62nd), Sri Lanka (82nd), Bangladesh (97th), and Pakistan (105th).
The Global Innovation Index is computed as an average of the scores across inputs pillars (describing the enabling environment for innovation) and output pillars (measuring actual achievements in innovation).
Five pillars constitute the Innovation Input Sub-Index: ‘Institutions,’ ‘Human capital and research,’ ‘Infrastructure’, ‘Market sophistication’ and ‘Business sophistication’.
The Innovation Output Sub-Index is composed of two pillars: ‘Scientific outputs’ and ‘Creative outputs’.
The Innovation Efficiency Index, calculated as the ratio of the two Sub-Indices, examines how economies leverage their enabling environments to stimulate innovation results.
“Governments have recognised that, in order to take advantage of the potential that innovation represents for their citizens, they must adopt policies that are friendlier towards technological advances and the absorption of knowledge so that companies can build global innovation networks so that they can foster trans-border flows of knowledge and intellectual property,” added Soumitra Dutta. — email@example.com
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