Russia rises in global innovations ranking

Print 01 September 2016
Marchmont Innovation News

Russia ranked 48th in the  2016 Global Innovation Index (GII) , just ahead of Chile and Costa Rica and immediately after the United Arab Emirates and Turkey. In this year’s ranking Russia rose from the 56th place it occupied last year. Published annually by the Cornell University, the INSEAD Business School and the World Intellectual Property Organization in partnership with other institutions, the index ranks 128 nations by their capacity for, and success in, innovation. 

Switzerland tops this year’s list, followed by Sweden, the UK, the U.S., and Finland. The most innovative among Asia’s most prominent economic “tigers,” Singapore, ranked sixth, followed by South Korea (11th), Hong Kong (14th), and Japan (16th). Israel, also known as a tech innovation driver in the world, came in 21st.

Higher School of Economics experts were quoted by the U.S.-Russia Business Council (USRBC) as saying that Russia’s position reflects “its high level of human capital and the accumulated capabilities for scientific research... along with functional high technology sectors.” Russia’s spending for R&D increased twofold between 2000 and 2014 to reach $39.9m, making Russia one of the top 10 nations in total government R&D expenditure. 

However, progress on innovation has been hindered by systemic failures, including the low quality of institutions and public administration. Other constraints include limited access to finance and investment opportunities and a low share of enterprises aimed at global competitiveness. Only 22% of Russia’s manufacturing enterprises, 15% of mining companies, and 7% of firms in the IT and telecom sectors consider international markets to be potentially important.

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