Knowledge-based economy is UAE's strategic objective

Abu Dhabi: Driving the evolution of a knowledge-led economy is the strategic objective of the government, Sultan Bin Saeed Al Mansouri, the Minister of Economy, said yesterday.

Commenting on the Knowledge Economy Forum which was held in the nation's capital, Mansouri underscored the commitment of the Ministry of Economy to raise awareness about the fundamental concepts of a knowledge-based economy across the private and public sectors in line with UAE Vision 2021 and the federal strategy 2011-2013.

Main objectives

Strengthening the pillars of a knowledge-based economy is a key priority for the UAE, he added.

Mohammad Ahmad Bin Abdul Aziz Al Shehi, Undersecretary of the Ministry of Economy, who inaugurated the forum, said the Ministry of Economy organised the conference to achieve three main objectives: to shed light on the concept and the prospects of the knowledge economy; to reaffirm the ministry's commitment to raising awareness about this concept, which would contribute to achieving UAE Vision 2021 and the ministry's strategy in building a competitive, knowledge-based economy led by qualified UAE nationals who are supported by creativity and knowledge and to promote dialogue and interaction with the ministry's partners based on the strategy assigned to them.

Al Shehi said the Ministry of Economy is working to further strengthen small and medium enterprises (SMEs) as one of the most prominent contributors to the transition to knowledge-based economy.

This will be led by best global practices and benefiting from the experiences of countries that succeeded in the development of SME models based on innovation and creativity, such as Singapore, Sweden, Denmark and South Korea.

Al Shehi said the knowledge economy is a new concept that calls for innovation across key economic sectors including oil and gas, construction, healthcare and hospitality.

The idea behind this is to promote initiatives than can "bring wealth to the economy," he added.

"The Ministry of Economy is committed to attract international expertise to support economic development by focusing on the introduction of advanced technologies. These are aimed at boosting the efficiencies of various industrial and economic sectors. We are also focused on promoting a culture of innovation and research and development," said Al Mansouri.