Sri Lanka Rises On Global Innovation Index From 105th To 85th Place

By Asanga Abeyagoonasekera –September 30, 2015

Asanga Abeygoonasekera

“Each nation must find the right mix of policies to mobilize the innate innovative and creative potential in their economies.” Francis Gurry, WIPO Director General

The Global Innovation Index 2015 was released on the 17th September 2015. It is co-published by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO). The report surveys 141 economies around the world, using 79 indicators to gauge both innovative capabilities and measurable results.

The report marks Sri Lanka’s progress from 105th position last year to 85th position in 2015. This significant rise in rank owes mainly due certain improvements in all pillars of the Global Innovation Index (GII). According to the report “Although some of this development can be linked to methodological changes and other countries worsening (particularly in Human capital and research), Sri Lanka makes advancements at the raw data level in areas such as the government’s online service index and online e-participation, 34 GDP per unit of energy use, and communications and computer and information services imports. Conversely, Sri Lanka worsened at the raw data level in areas such as ease of starting a business, ease of resolving insolvency, rule of law, employment in knowledge-intensive services, and new business density”. Indian remains at the top of the regional ranking of Central and Southern Asia this year, followed by Kazakhstan and Sri Lanka, which has improved.

As the new government is ready to kick start its development plan for the next five years it is important that Sri Lanka sets out its economic policy to move towards an innovation driven economy. It could progress in these policies by firstly launching a campaign to enhance growth of innovation by setting the eco-system conducive to fostering innovation.                                                 Read More