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Home / Competitiveness / Why is it important to the UAE? |
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Why is it important to the UAE? |
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Economic evidence shows a very strong correlation between a country’s competitiveness and the living standards of its people. Developing a competitiveness agenda is particularly important for economies like the UAE which rely heavily on trade, and foreign direct investment, to drive increases in living standards. Specifically, improving UAE’s competitiveness is important for three key reasons: |
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Competitiveness is the driver of long-term prosperity
and quality of life |
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A competitiveness strategy enables a country to build for the long term and to embrace economic transformations by leveraging its competitive advantage as an innovation-oriented, knowledge-based economy. In so doing the economy will shift to higher value-add productivity sectors resulting in higher levels of prosperity |
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Competitiveness is particularly important for countries with economies that are outward-oriented and must therefore compete globally |
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National competitiveness is particularly important in the context of the UAE which is an open economy that relies on trade and foreign direct investment to drive increases in living standards. Competitiveness allows the UAE to tap into larger regional and global markets. |
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Countries across the world are adopting competitiveness strategies |
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In an environment of sharpened regional and international competition, it has become imperative to develop a strategic, competitive approach to the country’s development. As countries around the world adopt competitive strategies, the UAE should seize this opportunity to position itself as a leader both regionally and globally. |
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