Singapore ranks first among ASEAN peers when it comes to tech in 2024 Global Innovation Index

SINGAPORE: A recent survey conducted by the World Intellectual Property Organization (WIPO) has revealed that Singapore leads the ASEAN region in terms of technological innovation. This finding comes as part of WIPO’s Global Innovation Index report, which highlights advancements in engineering, technology, and chemical innovation across global economies.

The survey highlights the dominance of Asian regions in the field of innovation, with seven of the top ten innovation clusters hailing from Asia. Among them, Tokyo and Shenzhen have emerged as standout leaders, ranking first and second, respectively. These regions have been recognized for their robust research ecosystems and thriving patenting activities.

WIPO noted that this year’s rankings demonstrate an increasing trend of research and patenting across various parts of the world.

However, the organization emphasized that the real challenge lies in the commercialization of these innovations—transforming research breakthroughs into market-ready products and services that can drive job creation and attract investment.

One of the report’s key findings is the growing pace of innovation in emerging economies. It suggests that middle-income economies are outpacing high-income countries in terms of technology cluster growth.

This shift reflects the efforts of emerging markets to enhance their research and development (R&D) capabilities and strengthen their position in the global innovation landscape.

In Singapore’s case, collaborative efforts between the public and private sectors have been crucial in driving technological advancements.

To further bolster local innovation, Singapore has introduced initiatives aimed at enhancing in-house research capabilities for domestic companies. These include programs that facilitate the secondment of scientists and engineers to local firms, equipping them with the skills and knowledge needed to drive R&D efforts.

As Singapore continues to lead the ASEAN region in innovation, it remains focused on strengthening its technological base and ensuring that research outcomes contribute to economic growth.

TISG/