Innovation is way forward to boost competitiveness: Schwab

Innovation is way forward to boost competitiveness: Schwab

In his keynote address at the Government Summit, Klaus Schwab, founder and Executive Chairman of the World Economic Forum said UAE's leadership has enabled the country to enhance its global competitiveness



By Issac John (associate Business Editor)

Published: Mon 9 Feb 2015, 3:40 PM

Last updated: Thu 25 Jun 2015, 11:47 PM

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum during the Government Summit in Dubai on February 9, 2015. KT Photo by Shihab

Dubai - The Dubai Government Summit 2015 opened on Monday with an impassioned call for innovation in driving competitiveness of nations and enhancing the quality of life of people on this planet.

At the opening session of the third government summit held under the patronage of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Klaus Schwab, founder and Executive Chairman of the World Economic Forum,  stressed need for women empowerment and education system reforms.

In his keynote address to a gathering of heads of states, high-ranking government officials, technology experts and educationalists from around the world, Schwab said that the UAE is among the first countries globally to take the lead in educating its people on the impact of the technology revolution through initiatives such as 'The Government Summit'.

“Governments must prepare its people the changes brought by the new wave of technology revolution – and what the UAE does in this regard is extraordinary. Alongside, it is important to build the skills of the people by changing our education systems. Virtual education will play a big role and it's an area where UAE could be one of the first adopters,” he said.

Schwab praised the UAE leadership for setting a model in this regard, and said a visionary leadership has enabled the country to enhance its global competitiveness ranking from 27 four years ago to the 12th position now.

He identified the ‘3 Es’ –educate, engage and empower --- that are important to strengthen a culture of innovation by governments, adding that innovation is the way forward to boost economic competitiveness.

Stressing the need for engaging the private sector, Schwab said partnerships between governments, businesses and the civil society would help shape a new innovation ecosystem. Another key driver is empowering communities, particularly women, and making them a part of the change process, said Schwab.

issacjohn@khaleejtimes.com


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