The country rose 21 places to 39th in the 2013 innovation index produced by Cornell University, the European Institute of Business Administration and the World Intellectual Property Organization.
Costa Rica led the Latin American and Caribbean category, one of seven in the report.
Naturally, public officials are pleased. President Laura Chinchilla credited the increase to efforts made by her government.
The Global Innovation Index is calculated as the average of two other indexes. One evaluates institutions, human capital and research, infrastructure, market sophistication and business sophistication. The second considers technology outputs and creativity outputs.
Clearly the multinational corporations here had an impact on the index.
The United States rejoined the five most-innovative nations and the United Kingdom moved up to the third spot while Switzerland retained its place atop the rankings in the Global Innovation Index, said a release on the results.
The index has been published annually since 2007.
The evaluators looked at 142 economies around the world and used 84 indicators to gauge both innovation capabilities and measurable results.
Anabel González, minister of Comercio Exterior, said that attracting foreign direct investment contributed significantly to improving the country’s ranking.