Barbados has secured the 77th spot among 133 economies in the Global Innovation Index (GII) 2024, marking its return to the index after an eight-year absence.
The GII, jointly published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), annually assesses countries’ innovation capabilities and performances. It evaluates various factors crucial to innovation, including political and business environments, education and research development, infrastructure, market sophistication, business innovation, knowledge and technology outputs, and creative outputs.
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The top performers in the GII 2024 were Switzerland, Sweden, the United States, Singapore, and the United Kingdom, recognized as the most innovative economies globally.
Barbados’ commendable ranking reflects collaborative efforts involving WIPO, the Corporate Affairs and Intellectual Property Office, and Export Barbados, with support from the Permanent Mission of Barbados to the UN and other international organizations in Geneva.
Prime Minister Mottley highlighted Barbados’ dedication to fostering innovation despite challenges posed by its small size and vulnerability to global economic and environmental shifts. Emphasizing investment in education and business ecosystems, she underscored their role in driving transformative growth.
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WIPO Director General Daren Tang praised Barbados’ commitment to innovation, noting its re-entry to the GII as an encouragement to developing nations. The country excelled in business sophistication (49th), institutions (50th), and knowledge and technology outputs (57th), with notable improvements in broadband coverage and international patent filings.
Looking ahead, areas for Barbados’ continued investment include innovation infrastructure, market sophistication, and creative outputs, aiming to align innovation outputs with investment in innovation inputs.
Barbados’ Permanent Representative to the UN, WTO, and other international organizations, Matthew Wilson, stressed the importance of robust data collection and analysis to enhance the accuracy and usefulness of the GII. He underscored Barbados’ focus on intellectual property investment in its innovation journey, reinforcing collaboration with WIPO.
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Barbados’ performance in the GII 2024 underscores its commitment to innovation amidst global challenges, positioning itself as a leader in creativity and technological advancement within the Caribbean region.
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