South Korea’s inclusion on the United Nations’ Innovation List is aided by K-Pop music.
According to the Associated Press, South Korea joined other countries at the top of the United Nations’ innovation list, buoyed in part by originality in forms such as K-Pop music.
Despite the global coronavirus pandemic, the United Nations’ intellectual property agency concluded that innovation remained high over the last year. One of the top five countries on the list was South Korea.
Switzerland, Sweden, the United States, the United Kingdom, and fast-growing South Korea were recognized as the most innovative economies in the World Intellectual Property Organization’s (WIPO) newest innovation index report for 2020.
K-Pop, a wide term for Korean pop music, has exploded in popularity both at home and abroad. McDonald’s released a limited-edition BTS lunch in May, named after one of the most successful K-Pop groups. By late June, the lunch had been presented in 50 countries and had gained widespread acclaim.
See the list below for more Associated Press reporting.
Even as hard-hit sectors like transportation and travel cut back on expenditure, technology, pharmaceuticals, and biotech businesses increased their investments.
WIPO, which helps organize and authorize international patents, trademarks, and other intellectual property, also warned that change in the overall “innovation environment” was moving too slowly, and that as the world rebuilds after the pandemic, a larger range of countries should benefit from it.
Asia, Europe, and North America continue to dominate the rankings, with China and France gaining ground.
WIPO Director General Daren Tang stated, “Innovation is tenacious—even more resilient than we imagined.”
In an interview in his office overlooking Lake Geneva, Tang said, “What COVID has done is it has disrupted certain sectors, but it has also propelled certain industries.” “It should come as no surprise that communications, hardware, software, and ICT, as well as the medical and biotech sectors, have performed well.”
The index includes 132 countries as well as economies such as Hong Kong, and comes a year after the World Intellectual Property Organization (WIPO) announced that investments in innovation achieved a new high in 2019 with an annualized rate of growth of 8.5 percent.
Top technological corporations such as Apple, Microsoft, and Huawei raised their investment by roughly 10% on average last year, while venture capital investment soared—a trend that is expected to continue this year, according to WIPO.
While the rise has been mostly driven by the United States and China. This is a condensed version of the information.