The U.S. Chamber of Commerce’s Global Innovation Policy Center(GPIC) has placed South Korea second in the world in terms of patents and related rights.

The science ministry on Monday revealed that South Korea earned a score of 94-point-44 points in the category of patents in the 2022 U.S. Chamber International Intellectual Property(IP) Index released by the GPIC.

South Korea ranked second alongside the U.S., Japan and Switzerland among 55 countries assessed. Singapore came in first with 97-point-22 points.

In terms of trademarks, South Korea ranked third after the U.S. and Britain.

South Korea’s overall IP score stood at 83-point-94 points, or the 12th highest among the countries assessed.

The U.S. topped the list, followed by Britain, Germany, Sweden and France.

The U.S. Chamber International IP Index evaluated IP rights in 55 countries across 50 indicators, ranging from patent and copyright policies to the commercialization of IP assets and ratification of international treaties.