Thailand climbs to 41st on 2024 Global Innovation Index

Thailand reached a milestone in innovation, securing the 41st spot out of 133 economies on the Global Innovation Index (GII) for 2024, as reported by the National Innovation Agency (NIA). This achievement marks Thailand’s highest ranking in a decade, showcasing its progress in fostering an innovative environment.

Thailand’s ascent from the 43rd position last year highlights its consistent improvement in innovation, maintaining its status as the third-leading innovator in the ASEAN region, trailing only behind Singapore, which ranks fourth, and Malaysia at the 33rd position.

The GII, crafted by the World Intellectual Property Organisation (WIPO), evaluates economies based on roughly 80 indicators that assess innovation inputs and outputs.

Topping the GII rankings, Switzerland leads the list, followed by Sweden, the United States, Singapore, and the United Kingdom. South Korea, Finland, the Netherlands, Germany, and Denmark complete the top 10, said Krithpaka Boonfueng, the executive director of the NIA.

“Thailand’s innovation capability has significantly improved in various input and output sub-indexes, reflecting the country’s successful strides in innovation promotion.”

Thailand’s notable strengths in innovation lie within its business system, particularly in the area of gross domestic expenditure on research and development (GERD). This metric, which measures total expenditure on R&D, signifies a crucial component of Thailand’s advancement in innovation.

Despite these achievements, Thailand faces challenges in areas such as ICT service exports and education expenditure as a percentage of gross domestic product (GDP). Addressing these issues remains a priority for further enhancing the country’s innovation landscape, said Krithpaka.

“There are several sectors where government support is essential, especially in determining the strategic direction for innovation capability and how state agencies can assist their private-sector partners.”

Moreover, Krithpaka emphasised the importance of collaboration between public sector researchers and the private sector to gain deeper insights into the innovation market. This partnership is crucial for aligning research efforts with market needs and enhancing Thailand’s innovation capabilities, reported Bangkok Post.

“The Ministry of Commerce is committed to fostering cooperation between the public and private sectors, promoting synergy for a robust innovation ecosystem.”