Hong Kong keeps innovation lead in Asia

PUBLISHED : Wednesday, 17 July, 2013, 11:28am
UPDATED : Wednesday, 17 July, 2013, 5:57pm

Despite lingering weakness in the economy, Hong Kong has retained its position in the top-10 global rankings of leading markets for innovation.

The city also sits alongside China, Korea, Japan, Singapore and Malaysia as the top markets for innovation in Asia.

The findings from the sixth edition of the Global Innovation Index (GII), co-published by Cornell University, INSEAD and the World Intellectual Property Organization, was unveiled on Wednesday at an event hosted by Huawei Technologies in Shenzhen.

The GII report is a relative measure of the innovation capability of 142 economies worldwide. It looks at a range of criteria, including institutions, human capital and research, infrastructure and knowledge and technology outputs.

“Innovation is a key factor in a country’s international competitiveness and is becoming a rallying symbol for progress and reform around the world,” said Bruno Lanvin, the report’s co-editor and executive director of INSEAD’s European Competitiveness Initiative.

Hong Kong and Singapore ranked 7th and 8th, respectively this year’s GII ranking. Hong Kong was second in the innovation input sub-index and third in business sophistication.

China is second worldwide in the categories of knowledge and technology outputs, behind Switzerland.

Hong Kong was first in the category of high-tech imports as a proportion of total imports. The city also ranked fifth in the creative outputs sub-index.