Dubai: The knowledge-based economy will contribute 5 per cent to the UAE’s gross domestic product (GDP ) by 2021, Sultan Bin Saeed Al Mansouri, Minister of Economy, told media on the sidelines of The Second Forum of Economic Policies.
“Based on UAE strategy 2021, knowledge-based economy which is directly based on the production, distribution and use of knowledge and information should contribute five per cent in the UAE GDP,” he said.
Al Mansouri recently called to develop a unified GCC strategy to formulate and maximise performance and well-being in knowledge-based economies.
Pointing to the important role of knowledge and technology in driving productivity and economic growth, he said, “Investments in research and development, education and training and new managerial work structures are key” to growth in high-technology investments, high-technology industries, more highly-skilled labour and associated productivity gains.
He also stressed on the fact that the transformation to a knowledge-based economy must start with the educational system by improving the traditional input indicators of R&D (research and development) expenditures and research personnel. Fostering knowledge networks and encouraging national innovation systems and the development of human capital are main factors required in the transformation process toward knowledge-based economy, Al Mansouri said.
The outcomes of transformation from a traditional economy to a knowledge-based economy in several countries across the world has translated in remarkable boost of GDP for these countries as well as creating job opportunities and investing a lot of innovation and creativity in managing business, financial and human resources,” said Al Mansouri.
Upgrading policies
Al Mansouri pointed to the need of upgrading all the legal infrastructure that go in line with these transformation to a knowledge-based economy, some of these rules are related to intellectual property, innovations and investment.
Mohammad Saleh Al Shalwah, Undersecretary of the Economic Policies Affairs at the Ministry of Economy, remarked that government policies, particularly those relating to science and technology, industry and education, will need a new emphasis in knowledge-based economies.
“Acknowledgement is needed of the central role of the firm, the importance of national innovation systems and the requirements for infrastructures and incentives which encourage investments in research and training,” he added.
