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Lithuania‘s Record-Breaking Global Innovation Index Leap

Lithuania‘s Record-Breaking Global Innovation Index Leap

This year, Lithuania ranked 34th out of 132 countries in the Global Innovation Index, which measures the development of the innovation ecosystem. In just one year, Lithuania’s position in the Global Innovation Index jumped by a record-breaking 5 places.

“Assessing the dynamics of Lithuania’s position in the Global Innovation Index, more than half of over 80 indicators showed improved results over last year. This is an indication that Lithuania’s innovation ecosystem is rapidly and comprehensively improving. This creates more opportunities for Lithuania’s economic growth,” says Minister of Economy and Innovation Aušrinė Armonaitė.

Compared to the previous year, the greatest progress, measured by the index of the World Intellectual Property Organization (WIPO), was made in domestic industrial diversification, jumping by 28 places, and policies for doing business, which rose by 22 places. Gross capital formation rose by 18 places, state of cluster development and depth by 16 places. Also, over the year, indicators such as trade, diversification and market scale, gross expenditure on R&D financed by business, logistics performance, entrepreneurship policies and culture, as well as regulatory environment, improved.

In one year, the assessment of the rule of law in Lithuania rose by as many as four positions, from 30th to 26th place. Regulatory quality in Lithuania is also rated six positions higher, from 29th to 23rd place. These changes describe the foundation from which Lithuania’s breakthrough is emerging. As Minister of Justice Ewelina Dobrowolska states, strengthening the legal system improves Lithuania’s position as a reliable partner in the world.

Lithuania can also celebrate being the first in the world in terms of the high level of employment of women with higher education. The high results of the mentioned indicators demonstrate clear progress in Lithuania’s innovation environment and the equal opportunities for work and career growth created in companies.

The consistent efforts of the Ministry of Economy and Innovation help Lithuanian businesses grow and encourage Lithuanian companies to increasingly integrate into EU value chains, while striving to increase investments in R&D&I to remain competitive. A call has been announced to implement mission-based science and innovation programs, and three strongest consortia were selected with the goal of significantly contributing to solving societal problems.

This year, an international accelerator has also been attracted to further boost the startup ecosystem. In order to increase the number of innovative public procurements in Lithuania, guidelines for innovative public procurement have been developed.

To bolster the Lithuanian economy, the Ministry of Economy and Innovation will announce calls for funded activities by the end of 2023, with a total value of nearly 1 billion euros. Of this amount, about 365 million euros are planned for business, innovation, and investment.

The aim is to increase spending on research and experimental development (R&D) by business, innovation, and investment, reaching 1.5% of GDP by 2024. There is also a lot of attention given to startups and existing businesses.