K-pop helps S. Korea overtake S'pore in Asia innovation chart
East Asian nation rises to No. 5 in world; Republic retains No. 8 spot
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Kenny Chee
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Singapore has retained its ranking as the eighth-most innovative economy in the world for the third year running.
But in the region, it lost its top spot to South Korea, which possibly had a K-pop and K-drama edge this time.
In the South-east Asia, East Asia and Oceania region, Singapore slipped to No. 2 this year behind South Korea. The East Asian country was second in the region last year.
This is according to the Global Innovation Index 2021 rankings of about 130 economies released yesterday by the World Intellectual Property Organisation (Wipo).
Wipo is a United Nations specialised agency. It considers innovation as a powerful driver of economic growth and social development in the world.
Globally, this is the first time South Korea has made the top five, said Wipo, placing at No. 5. Last year, it was No. 10 worldwide.
The top four economies globally this year and last year are the same, with Switzerland at No. 1.
The rest, in descending order, are Sweden, the United States and Britain.
On South Korea's spectacular rise, the IP organisation said the country "went up notably in innovation results and, in particular, in indicators for trademarks (being filed), global brand value, and cultural and creative services exports".
Wipo director-general Daren Tang suggested that the creative boost could be due to the country's K-pop and K-drama scene.
The organisation said South Korea enjoyed substantial improvements in knowledge and technology outputs too.
The Global Innovation Index is compiled based on innovation inputs and outputs.
Innovation inputs are factors in an economy that enable innovative activities, including government effectiveness and access to infocomm technology.
Innovation outputs refer to the actual results of innovative activities in an economy. They include knowledge and technology outputs such as high-tech exports, as well as creative outputs like the amount of creative goods exported.
South Korea improved its input rank by one this year to No. 9 globally, while its output rank jumped five places to No. 5.
As for Singapore, the country retained its No. 1 input rank globally this year. Its output rank also improved by two to reach No. 13.
The Republic was also No. 1 in two new indicators in the index related to venture capital raising and financing.
The Intellectual Property Office of Singapore said this reflects "Singapore's strong commitment to catalyse more investments into innovation and technology".
After South Korea and Singapore, the other top five innovation leaders in the region - excluding Central, West and South Asia - are China at No. 3, Japan at No. 4, and Hong Kong at No. 5.
Globally, China placed No. 12 this year, up two spots.
Wipo's Mr Tang, the first Singaporean to head a UN agency, said that "as the world looks to rebuild from the pandemic... innovation is integral to overcoming the common challenges that we face and to constructing a better future".
