Korea tops EU innovation chart

2014_03_Korea-EUAs President Park Geun-hye continues to emphasize innovation as a way to strengthen the country, Korea has been ranked No. 1 overall by the Innovation Union Scoreboard of the European Commission.

According to the ranking released Tuesday,Korea outperformed the United States, Japan, European Union and Canada. The 28 European Union members and 10 other countries – including Korea, Japan, China, Russia and India – were also ranked. The innovation index was based on the average of 25 indicators rated between 0 and 1. However, nonmembers of the union were evaluated only on 12 indicators due to availability of data. Korea scored 0.74, slightly ahead of the United States (0.736) and Japan (0.711). The European Union’s average was 0.63. 

Using 100 as a baseline to represent the European Union’s average score, Korea trailed the EU until 2008, but has seen steady improvement since. The country scored 117 last year to tie with the United States. The index was largely based on indicators in three areas: talents, investments and R&D projects; corporate activities in R&D and patents; and results of R&D, including commercialization and revenues.

For full article, see Joongang Daily.

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