XXX strategy Hussain bin Ibrahim Al Hammadi, Minister of Education, assured that the ministry has been keen on including the requirements of the index and other global competitiveness indices within its development strategies and action plans. This is due to the great importance of these indices in representing the country’s global competitiveness. He referred to the remarkable results achieved by the country in the indices related to education, especially those related to how foreign students enrol in the higher education sector. He pointed out that these results explain the reliability of the approach adopted by the ministry in implementing the directives of the UAE’s wise leadership to build a society founded on knowledge and innovation.

Al Hammadi added that the ministry is observing a trend towards the consolidation of the role of innovation in the educational process and reliance on global competitiveness standards to ensure the quality of the outputs of educational institutions. This, he explained, will enhance the attractiveness of the country’s education sector while at the same time improve the capability of the country in the areas of scientific research, development and innovation in order to enhance the UAE’s competitiveness.

Meanwhile, Mubarak Rashed Al Mansoori, UAE Central Bank Governor, said that the remarkable results achieved by the UAE in the index for this year reflect the strong performance of the sectors associated with innovation in the country.

He added that the significant improvements on the sub-indices of FDI and credit policies clearly illustrate the high capacity of the country in the consolidation of its innovation-based knowledge economy in line with the directives of the wise leadership and the implementation of the objectives of UAE Vision 2021, which positively reflects the increased attractiveness of foreign investments.

He also pointed out that the Central Bank plays a pivotal role in fostering an environment of innovation through its regulatory powers over the UAE’s monetary, credit and banking policies, achieving a stable currency and ensuring its free convertibility which contributes to the balanced growth of the national economy.

This year’s index focusses mainly on progress in global innovation and the potentials for sharing them through the exchange of knowledge, experience and talent. The press conference included discussions on the possibility of transforming ‘win-win’ partnerships in the fields of science, innovation and entrepreneurship to create a new engine of growth. Other related activities also looked towards addressing the challenges faced by decision and policy makers in this regard.

The index report highlights the exploration of the growing share of innovation achieved across global innovation networks. The report also examines the ways by which the innovation can help revive the global economy. Switzerland ranked first worldwide in this index this year, followed by Sweden and the United Kingdom. The following table shows the five top-ranking countries in the world.

The report is published by INSEAD, ‘the Business School for the World,’ in collaboration with the College of Johnson at Cornell University in New York and the World Intellectual Property Organisation (WIPO) of the United Nations. Knowledge partners that have contributed to the report include Emirates Integrated Telecommunications Company (du), the Confederation of Indian Industry and ‘A.T. Kearney,’ which served as a global management consulting firm for the endeavour. The index was also facilitated by an advisory board composed of international experts.

WAM/Hazem/bashir