Lithuania jumps up the global innovation index
This year, Lithuania ranked 34th among 132 countries in the World Innovation Index, which measures the level of development of the innovation ecosystem. Over the year, Lithuania's position in the World Innovation Index rose by a record 5 places.
"Looking at the dynamics of Lithuania's position in the World Innovation Index, more than half of the 80 indicators improved over the year. This is an indication that Lithuania's innovation ecosystem is improving rapidly and comprehensively. This creates more opportunities for the growth of the Lithuanian economy," said Aušrinė Armonaitė, the Minister of the Economy and Innovation.
Compared to last year, the World Intellectual Property Organisation's (WIPO) index shows the greatest progress, with diversification of domestic industry rising 28 places, and business environment enforcement policy rising 22 places. Gross capital formation rose by 18 places, and the state of cluster development and deployment by 16 places. Also indicators such as trade, diversification and market size, business-funded R&D projects in the total expenditure structure, logistics productivity, policies to promote entrepreneurship and entrepreneurial culture and the legislative environment rose over the year.
"In one year, Lithuania's rule of law rating has risen by four positions, from 30 to 26. Legislative effectiveness in Lithuania is also rated six positions higher, from 29 to 23. These changes describe the basis from which Lithuania's progress is emerging. This year we can clearly see how the strengthening of the legal system is improving Lithuania's position as a trusted partner in the world," says the Minister of Justice Ewelina Dobrowolska.
Lithuania can also be proud of its first place in the world in terms of the employment rate of women with higher education. The high results of these indicators show the clear progress of Lithuania's innovation environment and the equal opportunities for employment and career growth in companies.
The activities of the Ministry of the Economy and Innovation are consistently helping Lithuanian business to grow and encouraging Lithuanian companies to become more and more integrated into EU value chains, and to increase investment in R&D in order to remain in them. A call for mission-based science and innovation programmes has been launched and the three strongest consortia have been selected to make a significant contribution to solving societal problems.
This year, an international accelerator has also been attracted to further boost the start-up ecosystem. Guidelines for innovative public procurement have been developed to increase the number of innovative public procurements in Lithuania.
To strengthen Lithuania's economy, the Ministry of the Economy and Innovation will launch calls for funded activities totalling almost €1 billion by the end of 2023. Of this, around €365 million is foreseen for business, innovation and investment.
The aim is to increase business, innovation and investment spending on research and experimental development (R&D) to reach 1.5% of GDP by 2024. There is also a strong focus on start-ups and existing businesses.