Analyses & Etudes

South Korea tops the Bloomberg Innovation Index

S. Korea has been named the most innovative country in the world, topping the 2021 Bloomberg Innovation Index released in February 2021.

S. Korea has been named the most innovative country in the world, topping the 2021 Bloomberg Innovation Index, released in February 2021, for the eighth consecutive year in Asia. This can be largely attributed to both the unflagging commitment of Korean businesses and the authorities in investing in the country’s future growth even when encountering tough headwinds at home and abroad. By launching a development and relief package dubbed the Korean New Deal, which comprises a set of sub-plans like D.N.A (data, network and AI) and +BIG3 (future mobility, bio-healthcare, system semiconductor) drafted to undertake reforms in the economy along with spending plans rolled out this year to invest nearly KRW 100 trillion in research and development (World’s top 5 in R&D expenditure, 2021), S. Korea has set out the path toward innovation-driven growth.

The Bloomberg Innovation Index makes a comprehensive analysis using seven metrics under which numerical data aggregated by each country are scored to rate a country’s innovation capacity. S. Korea has been of the front rank in five sub-indicators of the index—2nd in R&D intensity, 2nd in value- added manufacturing, 4th in high-tech density, 3rd in researcher concentration and 1st in patent activity. Such resources to drive innovation would probably be part of the reasons that well explain why so many global investors are fascinated with Korea as the best place to invest in.

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