The World Intellectual Property Organisation has published the Global Innovation Index - 2024.
Cyprus ranked 27th on the list among 133 countries. This year, the island state improved its position by one point.
The Global Innovation Index includes more than 80 indicators, which are organised into seven blocks. The final rating is calculated as the average of two sub-indices - ‘innovation resources’ (institutions, human capital and science, infrastructure, level of market and business development) and ‘innovation results’ (development of technology and knowledge economy, results of creative activity).
By the way, Cyprus ranked 41st in the ‘institutions’ category, 46th in the human capital and research category, 45th in the ‘infrastructure’ category, 26th in market specialisation and 17th in the business specialisation category. The country ranked 20th in knowledge and technology and 17th in creativity.
Cyprus also performed well in selected indicators such as exports of ICT services, production of scientific articles, venture capital investment, and employment of women with tertiary education.
It is worth noting that the Global Innovation Index 2024 analysed the latest global trends in innovation. By assessing the innovation performance of some 133 economies and noting their strengths and weaknesses in the relevant field, the authors of the study identified the most advanced countries in the world in terms of innovation.
According to Nicodimos Damianou, Deputy Minister of Research, Innovation and Digital Policy, Cyprus is on the road to progress and modernisation.
The Cypriot government is focusing on strengthening knowledge production and, above all, transforming it into innovative products and services that bring benefit and value to citizens. By supporting innovation and start-up entrepreneurship, we are creating new sources of sustainable growth for the economy. We scrutinise the results of European and international indicators, stay close to the ecosystem, listen to its needs and implement measures and policies that create a favourable environment for the development of innovation,’ Damianu said.