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UAE Freezones Biz News Updates
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UAE Among Top 10 Most Competitive Nations In The World
 The nation
moved up eight spots on IMD’s annual world competitiveness ranking.
The UAE ranks among the top 10 most competitive nations in the world,
according to the 2013 world competitiveness rankings released by Swiss
business school IMD.
The annual list, which includes 60 economies, positions the UAE in the
eighth place, up eight spots since last year.
The nation has increased its ranking since 2012 in areas such as government
budget surplus/deficit per cent, inflation, health expenditure, exchange
rate stability and internet bandwidth speed.
However, it has seen declines in other parameters including government
subsidies, collected tax revenues, short-term interest rate and direct
investment flows abroad.
Tweeting about the report, Dubai’s ruler Sheikh Mohammed Bin Rashid Al
Maktoum said: “I congratulate our President & the numerous teams who made
this possible. To the world we say: UAE people settle for no less than 1st
place.”
He also wrote: “The next 2 yrs will witness grand projects that would
impress everyone & take the UAE to new levels of economic & development
performance.
“We are optimistic, confident in our people, & tirelessly hard working. Our
aim will always be achieving happiness for UAE people.”
In a country specific report, IMD said the main challenges for the UAE in
2013 include: maintaining its edge as a global international hub for
aviation, tourism and trade; building up R&D; focussing on industry-academia
partnerships and encouraging entrepreneurship; strengthening the educational
system for a knowledge-based economy and bringing the national data
infrastructure in line with international best practices.
“Over the past few years, the UAE government has intensified its efforts in
introducing policies that help create a highly diverse, stable, and
competitive business environment across the nation,” said Abdullah Nasser
Lootah, secretary general of the Emirates Competitiveness Council.
“The UAE’s business and social environment is an exceptional value
proposition for businesses, investment and talent from around the world,
encompassing a dynamic economy, a business-friendly environment, quality of
corporate governance and social cohesion.”
Globally, the US maintained its first place on the ranking, followed by
Switzerland, Hong Kong, Sweden and Singapore. Qatar was 10th on the list,
retaining the same spot since last year.
Professor Stephane Garelli, director of the IMD World Competitiveness
Center, said: “While the Eurozone remains stalled, the robust comeback of
the US to the top of the competitiveness rankings, and better news from
Japan, have revived the austerity debate.
“Structural reforms are unavoidable, but growth remains a prerequisite for
competitiveness. In addition, the harshness of austerity measures too often
antagonises the population. In the end, countries need to preserve social
cohesion to deliver prosperity.”
May 30, 2013 |
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Courtesy Motivate Publishing
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