Israel has ranked highly in a list of the world’s most innovative countries published by the World Economic Forum.

The foundation’s Global Competitiveness Index ranked the country third, saying it has “a good capacity for innovation, high quality scientific research institutions and strong private sector spending and collaboration on research and development”.

Israeli researchers have made headlines in recent years for eye-catching projects that have challenged conventional thinking.

Earlier this month CollPlant, a company based near Tel Aviv, announced it had developed a biological ink from tobacco that would allow it to use 3D printers to “print” kidneys, lungs and other human organs.

Last year, a Hebrew University official said a test for pregnancy in which the patient simply licks her finger was only months away from development.

Switzerland topped the Global Competitiveness Index while the United States came second. Five European countries – Finland, Germany, the Netherlands, Sweden and Denmark – were in the top ten.

Innovation remains a key driver of economic growth, a report to accompany the index said.