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Global Competitiveness Summit to discuss economic growth and future trends

WAM DUBAI: The annual Global Competitiveness Summit, organized by the Global Federation of Competitiveness Councils (GFCC) set to take place in Abu Dhabi and Dubai, from November 27-29, 2012 brings thought leadership and the sharing of expertise and showcasing best practices on the topic of national competitiveness.

Supporting the UAE’s drive to build a knowledge-based economy, the conference boasts an array of leading voices in the landscape of global innovation from the UAE and internationally on topics ranging from creating enabling environments that promote innovation and R’&’D, commercialization and funding of innovation, women in innovation and innovative SMEs all of which that play an integral role in their respective countries to reach nationwide and global prosperity.

With a mandate that focuses on bringing economic and sustainable prosperity, the summit will feature two renowned speakers; Professor Stephane Garelli professor at IMD (Institute of Management Development) Lausanne in Switzerland, where he heads the World Competitiveness Centre, will discuss how nations can thrive in the competitiveness arena, and Professor Michio Kaku, a celebrity futurist and theoretical physicist who will cover new and emerging trends on competitiveness.

“Given the unprecedented and dramatic shifts in the global economy in recent years, companies and nations need to adapt to a new world of competitiveness”, said Professor Garelli. “In emerging economies, innovation will be required to develop new business models to satisfy the increasing requirements for efficient infrastructure and the needs of a thriving middle class. In more advanced economies, fiscal discipline and a drop in consumer demand will be the challenges to be addressed in the coming year” Professor Garelli added that his session at the upcoming summit would explore how “innovation affects all the aspects enhancing firm and national-level competitiveness, and the mindset required to thrive as competitive nations in the global arena.” Further, he noted that, “in the latest IMD annual World Competitiveness Yearbook, which ranks the world’s 59 most advanced countries since 1989, the UAE jumped 12 places – from 28th in 2011 to 16th -the largest ranking increase of the countries surveyed. This, he observed “reflects a strategic direction with a focus on competitiveness as a priority for the country’s development.” Dr. Michio Kaku, one of the most widely recognized figures in science in the world today and an authority in predicting trends affecting business, commerce, and finance based on the latest research in science, will provide audiences with an eye-opening window into the future driven largely by science and technology.

Dr. Kaku, the author of Physics of the Future and Professor of Theoretical Physics at City University of New York, will also deliver a number of predictions in that will shape our future and transform every part of our daily lives, as a result of leaps and innovations in areas including nanotechnology, biotechnology, digital enterprises and alternative energy that will revolutionize many aspects of education and healthcare and clean energy. These dramatic changes are bringing about a reorientation of the global economy, which makes it increasingly important for national competitiveness strategies to be linked to innovation.

The UAE is one of seven founding members of the GFCC, and since its inception in 2010, the GFCC has been a platform to bring together existing national competitiveness entities to encourage dialogue for collaboration amongst nations and organizations. This summit is an excellent opportunity for countries to learn from each other and to promote innovation for global prosperity.

Abdullah Lootah, Secretary General of the Emirates Competitiveness Council believes that UAE’s continuous success in its global rankings is the result of the nation’s policies to not only adopt best practices, but also lead the way by introducing new global standards and building a body of knowledge on how to make economies more innovation-based.

“During the event, national and international expertise will explore enhanced ways of thinking about capturing and methods to measure the impact that innovation has on a nation’s competitiveness. Additionally, we will be standardizing these new measurement methods and documenting them as references, available for individuals and organizations worldwide that are aspiring to harness the positive effects that innovation has on competitiveness,” added lootah “We look forward to the mutual exchange with thought leaders and practitioners of competitiveness, in particular to sharing best practices among public, private and academic sectors to promote innovation.” said H.E. Mohammed Omar Abdullah, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) and the entity that founded the Competitiveness Office of Abu Dhabi, a co-host of this year’s conference.

Over 200 delegates will explore trends in competitiveness and innovation across nations over the three-day summit, and visit sites of innovation within the UAE.

WAM/MMYS