The country is ranked number one in research and development innovation among member nations of the Organization for Economic Cooperation and Development.

The Science and Technology Ministry on Monday said an OECD report put South Korea in the leading country category alongside the United States, Japan and Switzerland.

Among 29 OECD member states, South Korea ranked fifth in R&D investment in proportion to gross domestic product and in the intensity of private R&D activity.

The report highly assessed the nation's performance, citing its corporate R&D spending compared to GDP is higher than the OECD average.