UAE ranks high in Global Innovation Index 2017
The UAE has improved its standing in the 2017 Global Innovation Index, topping all Arab countries and ranking 35th globally to cement its status as one of the world’s most innovative countries.
Globally, Switzerland topped the list followed by Sweden; Netherlands on the third spot; US (fourth); UK (fifth); Denmark (sixth); Singapore (seventh); Finland (eighth); Germany (ninth) and Ireland at 10th spot.
Jumping six places from last year’s 41st position, the emirates has achieved one of the highest growth rates among top tier innovative countries.
Among the Arab countries, Qatar came second at 49th position in the global list followed by Saudi Arabia at 55th position; Kuwait (56) and Bahrain (66).
The Global Innovation Index is one of several key indices under the UAE National Agenda’s Competitive Knowledge-based Economy’ pillar.
It is overseen by the Ministry of Economy in cooperation with several entities, the most prominent of which are the Ministry of Education, the Federal Competitiveness and Statistics Authority, the Central Bank, the Ministry of Human Resources and Emiratisation, the Ministry of Finance, the Securities and Commodities Authority, and the Telecommunications Regulatory Authority (TRA), among others.
The results of the index were officially announced during a press conference held on Thursday, June 15, 2017 at the European headquarters of the United Nations (UN) in Geneva, Switzerland which was attended by Ambassador Obaid Salem Al Zaabi, the UAE’s permanent representative to the UN and other international organizations in Geneva.
It affirmed the UAE’s significant progress in several pillars, the most prominent of which are Human Capital & Research as well as Creative Outputs, remarked Al Zaabi.
This year’s 10th Global Innovation Index measured the innovation-related performance of 127 countries and economies representing 92.5 per cent of the total world population and the vast proportion of global GDP.
It relied on detailed measures of innovation inputs and outputs including 81 indicators providing comprehensive insights on the various areas of innovation, most notably institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.
The index provides a reliable measure for assessing and improving innovation and helping promote its role as a catalyst for growth and prosperity.
On the landmark achievement, Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said: "The UAE's significant progress in the Global Innovation Index is the latest of the country’s successive achievements in various fields of development and global performance indices, which he said contributes in enhancing the UAE’s outstanding position as a regional and global economic destination."
Al Mansoori noted how the UAE had managed to maintain its lead among Middle Eastern and African countries in the field of innovation and made significant progress in advancing its ranking among the fastest-growing innovation-driven countries.
He pointed out that this achievement was largely due to the directives of the UAE's wise leadership to include innovation as a key pillar in all development policies and strategic plans adopted in various sectors.
The UAE’s six-place improvement is considered one of the highest percentage score growth rates among all of the remaining countries in the Global Innovation Index with a growth of 10 per cent, he added.-TradeArabia News Service.