Costa Rica leads innovation ranking in Latin America

Costa Rica is the most innovative country in Latin America, ranking 39th of 142 countries surveyed on the Global Innovation Index (GII) 2013.

The country climbed from the 60th position in 2012, surpassing Chile as regional leader. Costa Rica also was one of three countries that climbed more positions in this year’s ranking, released Monday in Geneva, Switzerland.

The GII ranking is published every year by the European Institute of Business Administration, Cornell University and the World Intellectual Property Organization.

According to the report, Costa Rica’s better ranking this year is due to improvements in infrastructure, human capital, public institutions and business “sophistication,” the report said. The country also obtained a better score in the production of knowledge and technology.

President Laura Chinchilla on Tuesday said Costa Rica’s ranking “is a recognition of the efforts the country has made in improving issues of economic dynamism and business climate.”

In the region, Panama, Guatemala and El Salvador ranked 86th, 87th and 88th respectively. Belize placed 102nd, Honduras ranked 107th, and Nicaragua came in at 115th.

The Global Innovation Index examines economies in 142 countries using 84 indicators in order to estimate the relationship between innovation capabilities and measurable results. Indicators include quality of its best universities, the availability of micro-financing and of venture capital.

Globally, the index is led by Switzerland, followed by Sweden, the United Kingdom, the Netherlands and the United States.

Tico Times reporter Zachary Dyer contributed to this story.