Chile, the most innovative economy in the region, according to the Global Innovation Index

The World Intellectual Property Organization (Ompi) has unveiled its latest edition of the Global Innovation Index, in which Chile is emerging as the most innovative economy in Latin America in 2021.

To develop this ranking which ranks 132 countries, Ompi, which is part of the United Nations, takes into account factors such as institutions, human capital, research, infrastructure, business development and markets, as well as production. creative knowledge.

Thus, among the countries of the region, Chile ranks 53rd in the world first. They are followed by Mexico in 55th place and Costa Rica and Brazil in 56th and 57th place, respectively.

Uruguay is next as the fifth largest economy Creative Latin America, 65th in the world. Then Colombia placed 67th out of 132.

At the top of the rankings, Switzerland tops the top 10 most innovative economies in the world in 2021, followed by Sweden, the United States, the United Kingdom and the Republic of Korea. The Netherlands, Finland, Singapore, Denmark and Germany follow in that order.

In this version, the Index provides special tracking of the onset of the COVID-19 pandemic in innovation, research and development.

According to the Ompi study, governments and businesses in various parts of the world have increased their investments in innovation, despite the human and economic cost caused by last year’s pandemic.

Investment in innovation reached an all-time high before the pandemic, and R&D increased 8.5% in 2019.

In 2020, this data continued to grow: the global publication of scientific articles increased by 7.6%; International patent applications, through Ompi, hit a new all-time high last year (3.5% increase was due to medical technology, pharmaceuticals and biotechnology); In addition, venture capital agreements increased by 5.8%, exceeding the average growth rate of the last 10 years; Therefore, there have been increases in other pillars.

GII 2021 sees innovative sectors of the global economy remain strong, despite severe shocks. To beat the pandemic and build back better, we will need to continue supporting the translation of big ideas into innovative products. “

However, this is not the case in Colombia. The country has remained stuck at the bottom of the average world rankings for the past three years, ranking 67th and 68th.

Additionally, in the 2021 ranking, Colombia ranks 17th out of 34 economies in the upper middle income group.

In this regard, Manolo Castro, partner and founder of Mindhack, a Colombian startup focused on promoting innovation within companies, stressed: “We feel innovative, but we are really resourceful. We are used to this intuitive attitude and we do things quickly. We are resourceful, but we are not innovative. .

Regarding the GII, Castro added: “The most interesting thing about this ranking is that one of the biggest gaps is talent. You might think it has to do with infrastructure and other dynamics, but when you look at the details it’s presented in terms of talent, and something is evident in various projects, in companies that are looking for talent. .

In the foreword to the report, Ecopetrol President Felipe Payon spoke of the company’s responsibility for innovation: “At Ecopetrol, we know that we cannot do everything ourselves, it is tis why we have strengthened our work in alliance with public and private entities. , including Microsoft and IHS Markit. and Plug and Play, iNNpulsa Colombia, the Israel Innovation Authority and the Colombian Ministry of Science.

About Matthew Berkey

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