Singapore has been ranked as the most innovative country in Asia on the Global Innovation Index. South Korea is ranked second in Asia. Japan is ranked third. China ranks fourth in Asia due to its innovation prowess, global R&D companies, high tech imports, the quality of its publications, and tertiary enrolment.

Malaysia is fifth and has been recognized for its strengths in tertiary education, knowledge diffusion, and creative goods and services. Thailand ranks next and is followed by Vietnam and Mongolia. India ranks ninth and is seen as an overachiever in relation to its development. Brunei comes next and is followed by in that order Philippines, Indonesia, Sri Lanka, Nepal, Pakistan and Bangladesh.

The index analyses the energy innovation landscape of the next decade and identifies possible breakthroughs in fields such as energy production, storage, distribution, and consumption. It also looks at how breakthrough innovation occurs at the grassroots level and describes how small-scale renewable systems are on the rise.

As per the report, innovation in Asia can grow if increased protectionism -- in particular protectionism that impacts technology-intensive sectors, IP, and knowledge flows across the board -- could be contained. Such dynamics could create the basis for productive knowledge spillovers and opportunities for collaboration and the generation of new knowledge and innovation.