Mexico has climbed three spots to be ranked 58th in this year’s Global Innovation Index, having been ranked in the 61st place last year.
Unveiled recently at the United Nations’ Office in Switzerland, the index sees Mexico as an active contributor to global value chains, including in high-tech sectors.
When the 2008 global financial crisis hit economies across the world, many developed countries cut back on their investment in research activities, but a few countries, including Mexico, increased spending on innovation, the report noted.
Mexico’s gross domestic expenditure in research and development (known as GERD) and its business enterprise expenditures in research and development (known as BERD) did not decrease during the 2008-2009 global financial crisis.
In the index, Mexico has performed above average in the quality of its domestic universities and the international impact of its local publications. Moreover, Mexico has maintained a positive trend in the Index. In 2014 the country was ranked 66th. In 2016 it climbed to the position of 61st.
When it comes to quality of institutions, Mexico is the 7th most innovative country among the 62 middle-income economies. This group of countries includes the likes of China and India.
Mexico, Brazil and Argentina have a ‘recorded history of investment in human resources’ as well as innovation, the report said, adding that there is a potential for regional improvement on innovation.
Many Mexican universities, including the Yucatan Center for Scientific Research, and the National University of Mexico, have been praised in the report, with the authors finding them equipped with both knowledge and expertise.
Things like aerospace equipment and scientific instruments accounted for 18.4% of total Mexican trade in 2015.
Jointly prepared by by Cornell University, INSEAD and the World Intellectual Property Organization, the index is designed to provide countries with a snapshot of their innovation ecosystem, helping them to identify weaknesses and strengths.