Narayan AmmachchiChile and Costa Rica have been named the leading Latin American economies on the Global Innovation Index (GII), ranking at 44th and 45th position, respectively.
The GII, released by Cornell University, Insead, and the World Intellectual Property Organization (WIPO), takes into account the ease of doing business, scientific publications, and international patent registrations when ranking nations.
Other Latam countries featured in the report include Mexico (61st), Colombia (63rd), Brazil (69th), Peru (71st), Dominican Republic (76th), Argentina (81st), Guatemala (97th), Ecuador (100th), Nicaragua (116th), and Venezuela (120th).
Innovative countries are recognized by having more globalized universities, research centers, and private companies, giving them the resources to boost growth and inject innovation into the economy.
Countries that do not get serious about education, refuse to collaborate with other nations, and do not create a level playing field for all citizens, may continue to lag behind, the report points out.
Brazil does have strengths in primary education, as well as R&D centers and high-tech manufacturing, but the country lacks a good business environment, the report noted. Brazil’s weak tertiary education has held back its citizens from creating businesses in new and innovative sectors.
Innovation requires continuous investment, say the authors of the report, adding that uncovering new sources of growth and leveraging resulting opportunities are vital to maintaining momentum.
As a first step, the report suggested, Latin American countries should try overcoming short-term political and economic constraints, and redouble longer-term innovation commitments.
The report has expressed concern, saying an “innovation divide” between developed and developing countries is persisting despite increasing awareness among policymakers that innovation is crucial to a vibrant, competitive economy.
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