Han Enters Top 10 in Global Innovation Index for the First Time

Exterior view of the Government Daejeon Complex building housing the Korean Intellectual Property Office. Provided by the Korean Intellectual Property Office.

[Asia Economy (Daejeon) Reporter Jeong Il-woong] This year, South Korea entered the top 10 for the first time in the Global Innovation Index announced by the World Intellectual Property Organization (WIPO).

According to the Korean Intellectual Property Office (KIPO) on the 2nd, WIPO announced the Global Innovation Index rankings at 6 p.m. (Korean time) on the same day.

The Global Innovation Index was introduced by WIPO and INSEAD (European Institute of Business Administration) to measure the innovation capabilities, a key factor in economic development, of WIPO member countries worldwide, providing information necessary for public policy or business strategy formulation.

This year, the evaluation was conducted on 131 countries based on 80 detailed indicators across 7 categories.

As a result, South Korea was highly evaluated for its improved capability to develop new knowledge and technology through continuous innovation efforts, entering the top 10 for the first time. South Korea's previous Global Innovation Index rankings were ▲21st in 2012 ▲16th in 2014 ▲11th in 2016 ▲12th in 2018 ▲11th in 2019.

It is particularly meaningful that among Asian countries, only South Korea and Singapore (8th) ranked within the top 10.

Additionally, China ranked 14th and Japan 16th. The top 10 included Switzerland (1st), Sweden (2nd), the United States (3rd), the United Kingdom (4th), the Netherlands (5th), Denmark (6th), Finland (7th), and Germany (9th).

On this day, WIPO also announced best practices related to intellectual property finance from various countries, including South Korea, alongside the Global Innovation Index.

The Global Innovation Index website introduced KIPO’s support measures for the intellectual property finance market, such as ▲the significance of Korea surpassing 1 trillion won in intellectual property finance in 2019 ▲policies establishing the intellectual property collateral recovery support organization ▲and strategies to promote intellectual property financial investment.

Kim Yong-rae, Commissioner of KIPO, said, “It is very meaningful and encouraging that South Korea has entered the top 10 in the Global Innovation Index for the first time. KIPO will do its best to create an innovation ecosystem where intellectual property rights, the results of innovation activities, are properly evaluated and protected in the market and lead to commercialization, continuously enhancing Korea’s global competitiveness and value.”

This content was produced with the assistance of AI translation services.