South Korean innovation has ranked 19th among 131 countries surveyed in the Innovation Capacity Index compiled by the European Business School (EBS).

Sweden topped the rankings followed by Finland, the United States and Switzerland.

Taiwan ranked 13th, Japan 15th and Hong Kong 16th. Afghanistan was at the bottom of the list.

EBS noted that South Korea has become a major player in the world economy due to its sound manufacturing industry.

South Korea ranked in the highest tier in terms of the use of advanced technologies. The country’s investment and patent registration sectors also ranked high.