Israel ranked world's fifth most innovative economy in Bloomberg index

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Israel is the fifth most innovative economy in the world, according to Bloomberg’s annual Innovation Index which was published on Tuesday.

Bloomberg’s Index, in its seventh year, ranked Israel fifth on its list of 60 economies, bumping up the Jewish state five spots from last year where it was ranked 10th.

Seven metrics are used to rank the economies, including research and development spending, manufacturing capability and concentration of high-tech public companies.

South Korea came in first, Germany second, followed by Finland and Switzerland.

Israeli Prime Minister Benjamin Netanyahu hailed the ranking as another of sign of his country's rising global status.

This week, the leaders from the world’s biggest economies gather for the World Economic Forum in Davos, Switzerland, where the role of innovation will be among the topics discussed.

Following the publication of Bloomberg’s index, Prime Minister Benjamin Netanyahu Tweeted about the achievement, saying the ranking made Israel a rising power.

Netanyahu often talks about innovation and technology being a cornerstone in making peace in the region.

Addressing the Israeli Innovation Center at the Peres Center for Peace and Innovation in October, Netanyahu said Israel’s Arab neighbors want to benefit from the Jewish state’s innovation.

“Quite a few of the neighboring countries that are reaching out to Israel and normalizing relations with Israel which is a step towards peace because of innovation. They want our innovation not merely for security reasons, they want it for civilian reasons. They want it for water, they want it for health, they want it for IT, they want it for solar energy, they want it for everything,” he said.

“They look around the region, they around the world, as do other countries, and they see Israel as a hub of innovation that can offer a better, safer, richer life and a longer life for their peoples. And this is happening right here and right now in the Middle East. It's a boon to peace,” Netanyahu added.