According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, Cyprus has secured the 27th position out of 133 countries, improving its ranking by one spot this year.
The Global Innovation Index evaluates over 80 indicators grouped into seven categories. The overall ranking is derived from two sub-indices: ‘innovation resources’ (which includes institutions, human capital and science, infrastructure, and market and business development) and ‘innovation results’ (focused on technology development, the knowledge economy, and creative outcomes).
In detail, Cyprus ranked 41st in the institutions category, 46th for human capital and research, 45th for infrastructure, 26th in market specialization, and 17th in business specialization. The country also achieved 20th in knowledge and technology and 17th in creativity.
Cyprus excelled in specific indicators, including ICT service exports, scientific publications, venture capital investments, and the employment of women with higher education.
Progress and Modernization
The Global Innovation Index 2024 highlights current global innovation trends by evaluating the performance of 133 economies, identifying both strengths and weaknesses in their innovation capabilities.
Nicodimos Damianou, the Deputy Minister of Research, Innovation, and Digital Policy, stated that Cyprus is progressing towards modernization. He emphasized the government’s commitment to enhancing knowledge production and converting it into innovative products and services that benefit citizens.
“Our focus is on fostering innovation and supporting start-up entrepreneurship, creating sustainable growth avenues for our economy. We closely monitor the results from European and international indices, engage with the innovation ecosystem, and implement policies that cultivate a favorable environment for development,” Damianou remarked.
Source: stockwatch.com.cy, dom.com.cy