In its annual study ranking world innovators, the Global Innovation Index, INSEAD Business School ranked Chile as the most innovative nation in Latin America and the Caribbean, appearing four places higher in the index than it was last year. Chile, ranked at 38, is the only nation in the region to break the top 40 countries.
The study’s results, released in Geneva on June 30, were derived by gathering information from a diversity of indices. Factors like quality of government and business institutions, human capital, infrastructure, and output, amongst others, were measured and compiled to create an overall score for each of the 125 nations included in the study.
Chile’s top attributes in the study were the quality of its regulatory environment, market capitalization, intensity of local competition, political environment, government’s online services and ecological footprint.
The top spots on the list were filled by nations in Europe, Asia, and North America with Switzerland, Sweden and Singapore leading the rankings. The rest of the top ten was filled out by Hong Kong (ranked separately from China), Finland, Denmark, the United States, Canada, the Low Countries (Luxembourg, Belgium and the Netherlands), and the United Kingdom.
The rankings also demonstrate the close ties between innovation and development, with China, ranked 29th, the only developing economy in the top 30. Along with China, one of Chile’s most important trade partners, Chile has established itself as a leader in innovation in the developing world, a fact that has contributed to widespread predictions that Chile will be the first nation in the region to reach development.