DUBAI —  The Global Federation of Competitiveness Council’s (GFCC) three-day Global Competitiveness Summit aimed at fuelling debate on “Advancing Prosperity Through Innovation” ended Thursday.



Internationally many governments recognize that in order that to keep pace with economic growth and offer increasingly better standards of living for its people, their public and private sectors need to constantly innovate as a basis for competition on the global market, Reem Al-Hashimy, Minister of State, UAE and Chair of Emirates Competitiveness Council, said at the opening.



This means producing new goods and services, as well as fostering a skilled talent pool to drive the process, he added.



As a set of guiding socio-economic principles, innovation and competitiveness strategies look to highlight a nation’s development from both public and private sector influences. They also demonstrate how sharing international best practices, and disseminating knowledge within an economy, can build human capacity and ultimately lead to the exporting of homegrown skill-sets and specialist knowledge back onto the international arena, Al-Hashimy further said.



Secretary General of Emirates Competitiveness Council Abdulla Lootah said: “Since the nation’s foundation in 1971 the UAE has been successfully enabling businesses to establish operations in the country.



This undoubtedly has built an economic environment within which competitiveness has thrived, leading to the UAE being recognized internationally as a regional hub and destination of choice for many international companies. The economic growth in turn has translated to on-going improvements across sectors which enhance the quality of life of the people of the country – this is the heart of our competitiveness and development efforts.”



“Under clear commitment and leadership the UAE continues along this trajectory, and through ECC’s involvement with GFCC we are delivering on its vision for world-class economic infrastructure that supports the overall prosperity of the nation, for years to come,” he added. — SG