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by: Kyal Smith

Singapore Ranked 7th for Innovation

The Global Innovation Index (GII) has ranked Singapore as a world leader at number 7, based on its innovation capabilities. The GII reports provide detailed metrics for over 140 economies, representing a total of 98.6% of the global GDP. Countries are ranked on a number of factors that determine innovation and contribute to a supporting environment for businesses.

According to the most recent GII report, Singapore’s key strengths include:

– Royalty and license fees payments
– High and medium-high – tech manufacturing
– High tech exports less re-exports
– FDI net outflows (%GDP)
– Business sophistication
– Tertiary education

This is great news for us at Honan, and by extension our clients and global broking partners, as we are in the process of expanding the Honan Insurance Group (Asia) arm of our business, based in Singapore. For more information regarding Honan’s acquisition of MACS Insurance Brokers you can view our media release here or alternatively you can contact our Singapore office and speak to one of our friendly advisors on +65 6323 3411.