(MENAFN- Khaleej Times) The UAE has improved its ranking by three notches in a major international report on national competitiveness to sustain its enviable position as the only Arab country with the distinction for an innovation-driven economy.
Classified for the seventh consecutive year for its innovation-driven economic development, the UAE has been placed alongside countries such as the United States, Japan, Germany and Singapore in the Global Competitiveness Report, released on Wednesday by the World Economic Forum (WEF).
In the latest report, the UAE is ranked 24th out of 144 countries globally - an improvement of three ranks from last year and ahead of countries such as Australia, New Zealand and Spain.
An innovation-driven economy is the most advanced stage of development a country can achieve within the Global Competitiveness Index framework. To be classified as such, a country must have a very high level of income per capita along with sufficient economic diversification.
Countries in the innovation-driven stage, sustain higher wages and standards of living, and their businesses are able to compete through innovation - producing new and different goods and services using sophisticated design, production, management, financing and commercialisation processes.
In the report the UAE ranked among the top 10 nations globally in the following pillars of the report: Infrastructure (8th), Macroeconomic environment (7th), Goods Market Efficiency (5th) and Labour Market Efficiency (7th), and among the top 20 for Institutions (12th) and Business Sophistication (15th).
Reem Al Hashimy, Minister of State and Chairwoman of the Emirates Competitiveness Council, said the UAE's achievement reflects the government's endeavours to diversify the economy and create a robust business environment that enables creativity and entrepreneurship to be translated into innovative goods and services. The minister praised all levels of government that were "working concertedly to put in place the framework-the policies and the institutions-for an economy that relies increasingly on innovation for sustained growth, enhancing competitiveness."
Al Hashimy attributed the UAE's rapid economic progress to the country's visionary leadership, stressing their "on-going commitment and dedication to achieving the UAE's Vision 2021 to become a diversified, knowledge-driven economy that is among the most competitive in the world."
Home to ambitious investment and development projects, the UAE is already well on its way to building a knowledge-based economy with significant projects in renewable energy and clean technologies, aerospace, semiconductor foundries and the life sciences.
Innovation is also evident at the grassroots level in dedicated economic clusters and free zones.
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