Backed by the same robust performance the Emirates showed a power-packed performance in the previous year’s index as it was ranked 36th, among an overall 129 countries that were listed.
According to an official in the UAE Ministry of Economy, the UAE wishes and is thus striving harder to barge into the top 20 nations in the Global Innovation Index with the ample support of the proper optimization and utilization of right technology across various sectors.
Abdullah Alshamsi, the Assistant Undersecretary for Trade Remedies at the UAE Ministry of Economy stated this that “they are pushing all their limits for improving their overall global ranking and that they are confident to have an entry into the top 20 nations sooner or later though they can’t provide an exact data on the timeline and exact period of the year.”
Mr. Alshamsi, also the Executive director of the core team that is working harder to improve the UAE’s position in the ranking also stated that “Although input-wise, the productive tools like the Investments, propelling latest initiatives, collecting a data pool, etc they are performing exceedingly well, however, they still need to up their level of output” and it was published in the business school INSEAD and the World Intellectual Property Organisation annual magazine.
He as well added that “for propelling and upping the ante and thus, barging free amongst the top 20 nations, the tangible and valuable results must show remarkable improvement which is also seen as a nation’s GDP.”
The highest-ranked Arab Nation, the UAE notched up two places higher in the GII previous year, to reach out and take the 36th spot amongst a total of 129 countries. From being ranked 47th in the year 2015, the Emirates has been on the pinnacle of tremendous rising up the rankings during the following years.
The primary force of success attributes to the core strategy of Developing and bolstering the knowledge economy that was envisioned and formulated a decade back in 2010 and forms the crux of UAE’s Vision 2021 national agenda.
The year 2019 marked Switzerland as the most innovative country globally and was followed by a distant second Sweden and third the U.S.
The Ministry of Economy, in association with Dubai Customs, is organizing a five-day International Innovation Forum in Dubai that has been initiated already on Sunday, thus bought completely different stakeholders from around the emirate underneath one roof.
Mr. Alshamsi also stated and urged that despite the best efforts created up to now, the UAE must push ahead with meeting the innovation ranking criteria as well as targets.
“We ought to be extremely aggressive within the adoption of the latest technologies and innovations in the next 5 years. Here we tend to don’t seem to be solely competitors with different countries and however, conjointly tend to their own parameters and past records.”
The Ministry of Economy is additionally operating to stay all stakeholders aligned, he said, as it’s the most crucial for pushing up the nation’s standing.
He also added that “They don’t seem to be operating alone as there are over twelve entities rendering their valuable support directly on to this index.”
The GII considers Eighty completely varied indicators, together that is inclusive of the number of patents filed, investment patterns and therefore the creation of latest patented technologies from a specific country.
The UAE performed well in areas like government effectiveness, education, and infrastructure in the previous year’s index, discharged in July.
Last month, Dubai set a target of changing into a Dh2 trillion (non-oil) mercantilism hub by 2025. Business specialists all voiced that the same is often realizable by infusing innovation amongst the daily operations.
Ahmed Mahboob Musabih, Director-general of Dubai Customs, stated that “Their leadership has set a target to succeed in Dh2 Trillion trade worth in the next 5 years and that … innovation is the key to realize this. They cannot reach this milestone while not having it (innovation) deep-rooted in their culture, thinking, and daily tasks and without proper innovation backed ideas they would fail miserably.”
In 2019, Dubai Customs processed thirteen million transactions and handled eighty-six million passengers.
“Innovation in their routine processes has supported the United States of America to achieve these high numbers and thus, bolstering in our confidence to line a lot of higher benchmarks,” Mr. Musabih added further. In a previous address to the forum, Mr. Musaibh also stated that the UAE “has become one amongst the foremost interesting countries in creative thinking and innovation globally. The Arab Nation also has the potential and technical stuff to breach amongst the top 20 best global innovative Nations as the Government norms are quite relaxed and get ample support from Private companies for bettering the nation’s economic index globally.”