Mongolia is being ranked at the 53rd place in the Global Innovation Index (GII) with 35.9 points. The report underlined the lack of political support for start-up businesses despite the technological development at business level in Mongolia.

Switzerland tops the GII with 68.4 points, followed by the Netherlands and Sweden while Yemen is at the bottom of the list.

Mongolia’s soft loan requirements for the SMEs is acceptable compared to other Southeast Asian countries. Even though it is working on the introduction of new technologies and production, there is no unified state coordination, researches are inadequate at university and college level and new personnel should be trained, stated the report.

The report was made with seven criteria such as politics, human development and infrastructure, business, market environment, knowledge in technology sector and creative production.

The annual global innovation ranking list was released by Cornell University and European Institute of Business Administration with support of World Bank, World Economic Forum and International Telecommunication Union.

Source: Montsame.mn