Latvia holds one of the lowest innovation indexes among other in Europe

Latvia holds one of the lowest innovation indexes among other in Europe

Latvia still has one of the lowest innovation indexes in the European Union, according to European Commission’s published European Innovation Results Scoreboard 2020. It is 23rd among EU member states, which is one spot higher when compared to previous years. Latvia is among the countries considered moderate innovators.

Among the Baltic States, Estonia holds the highest place – 12th. Lithuania is 19th.

Sweden is the most innovative countries in Europe, followed by Finland, Denmark and Netherlands.

Latvian Economy Ministry reports that in 2019, when compared to 2018, Latvia has improved results in ten rating index groups. Experts from the European Commission evaluated Latvia’s contribution in three innovation dimensions – finances and support, innovation effect on employment, as well as creation of an innovative business environment.

“Compared to average indexes in the EU, Latvia has the highest results in business activity, changes to the last three years’ of GDP, as well as foundation of new companies,” added the ministry.

In this innovation rating Latvia has improved results in multiple indexes, such as business activity among economically active residents – which exceeds EU’s average index by 221%. Since the last year there has been an increase for investments in areas important for innovation – public sector’s investments in research and development have increased 18%, venture capital investment volumes have increased 24%.

There has been a 35% increase of companies in Latvia’s economy that invest in training of employees in improvement of ICT skills.

Additionally the number of international patents in Latvia has increased 30%.

According to information from Economy Ministry, Latvia’s indexes remain the lowest in private investments in research and development, small and medium-sized companies that perform internal innovations and number of doctorates. This is why it is highly important to continue development activities in research, development and innovation activities.

European Commission’s index covers ten dimensions based on 27 of the most influential  indexes for innovations in areas like human resources, attractive research system, environment beneficial for innovations, finances and support, business investments, innovations, cooperation between science and businesses, intellectual assets, influence of innovation on employment and sales.

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