| Azlan Othman |
BRUNEI Darussalam is ranked among the best in the world in political stability and safety in the latest edition of the Global Innovation Index.
The Sultanate is placed seventh at the sub-pillar level under ‘Institutions’, after New Zealand, Luxembourg, Switzerland, Iceland, Canada and Singapore.
Under Institutions, Brunei excelled in regulatory environment, clinching the 27th place globally where under this indicator, the nation triumphed in the cost of redundancy dismissal, salary weeks where it was ranked first.
The cost of redundancy dismissal measures the sum of notice period and severance for redundancy dismissal (in salary weeks, averages for workers with one, five and 10 years of tenure, with a minimum threshold of eight weeks).
The Global Innovation Index measures the innovation performance and capacity of countries.
It brings together a range of innovation inputs and then matches those against a list of knowledge and technology outputs and creativity outputs for each country.
Seven indicators were used: Institutions; Human Capital and Research; Infrastructure; Market Sophistication; Business Sophistication; Knowledge and Technology Inputs; and Creative Outputs.
Overall, the Sultanate is in fifth position among Southeast Asian nations and ninth in Asia, and in the 71st position globally, in the annual Global Innovation Index published on June 15, 2017.
The Index, co-published by Cornell University, French business school INSEAD and the World Intellectual Property Organisation, had 127 economies participating.
Making its first entry in such global index, Brunei which was among the high income index nations did well in several other indicators.
Brunei was in 30th place for government effectiveness while for innovation input, it is placed 40th and innovation output it came in 110th. For business environment, the nation sits in the middle of the table at 62nd place.
Under Human Capital and Research, Brunei came in the 27th place in tertiary education indicator where the nation’s strength is in the percentage of the number of graduates produced in science and engineering where Brunei was ranked sixth in the world.
For Infrastructure indicator, Brunei ranked 55th where it emerged in the sixth place in general infrastructure.
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