Singapore climbs one spot in latest 2016 Global Innovation rankings, No.1 in Asia

In the latest 2016 Global Innovation Index (GII) released by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), Singapore moved another notch higher to No.6 position globally, edging regional peers of South Korea and Hong Kong. With its strong human capital, excellent infrastructure and strong institution, Singapore once again emerged as the most innovative economy in Asia

global-innovation-index-2016

 

Despite its tiny landmass, the 5.6-million populated city-state has long been a top destination among global businesses, boasting a GDP per capita of over US$85,000. Regional entrepreneurs setup their branches and offices here to take advantage of the business-friendly taxes, ease of capital access, strategic location, supportive government policies and strong talent pipeline.

Its global standings in GII sub-indices is another strong backing of why business owners choose Singapore to setup and operate their businesses. Below is a quick glimpse of Singapore’s global ranking in each area:

 

Institutions

(Political, regulatory ,business): No. 1

 

Human capital and research

(Education, R&D): No. 2

 

Infrastructure

(Information and communication technologies): No. 1

 

Market sophistication

(Credit, investment, trade, competition & market scale): No. 5

 

Business sophistication

(Knowledge workers, innovation linkages, knowledge absorption): No. 1

 

Knowledge and technology output

(Knowledge creation, impact & diffusion): No. 10

 

Creative outputs

(Intangible assets, creative goods and services, online creativity): No. 33

 

 

The Global Innovation Index (GII) aims to capture the multi-dimensional facets of innovation, and provide tools that can assist in tailoring policies to promote long-term output growth, improved productivity, and job growth. For details of the full reporting and findings, you may visit their latest report here.

Piloto Asia’s business resource blog provides extensive information about doing business in Singapore, from setting up an entity, corporate taxes, tapping government resources, applying business visa, to employment regulations. For more information, feel free to check out our Singapore business blog here.