Dubai: Human capability for imagination and innovation drive the economy, said Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, at the third Dubai Government Summit which kicked off yesterday at Madinat Jumeirah.
Schwab highlighted that the UAE is the 12th most competitive country in the world, according to the World Competitive Report. After commending the UAE and its leadership, Schwab said that people today need to be proud of being part of a competitive country.
“I can’t imagine a topic more important than the relationship between government and innovation,” he said.
Schwab added that there are changes in the world that impact both governments and individuals. He mentioned that individuals, today, witness a collapse of trust between different nations, religions and both business and political leaders. In order to restore trust, three aspects must be taken into consideration. “We need honesty and morality in leadership but we particularly need responsible leadership,” said Schwab. “And I emphasise the word ‘responsible’ because leadership has to respond to the needs of those who have entrusted us this leadership.”
He also said that along with being the most competitive country, a nation should also aim at being the most modern country as part of its vision. Much of a nation’s achievements can be made possible when governments start cooperating with private entities.
“It means governments have to work very closely together with private businesses because the challenges of the future and the opportunities of the future can only be solved through cooperative efforts between governments and business,” he said.
He added that countries must treat private businesses as a true partner in shaping the future to witness the change aspired.
“In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish,” he said.
When speaking about technology, Schwab said the technological revolution we face today is different from the one in the past. The technological revolution today can be destructive, while in the past it was far more slow-paced. He said that the technological changes are just like a tsunami. Though there are signs leading up to the storm, at some point it hits suddenly.
Among the many points mentioned was the empowerment of women and their involvement as a creative force. Schwab addressed the fact that no country can afford to leave out half of its population in terms of its creative efforts.
Additionally, governments must prepare people for change. If innovation is looked at as an ecosystem, governments would be the catalysts, he said. According to Schwab, competitiveness will no longer be driven by capital or natural resources but rather by innovation.
Maria Botros is a trainee at Gulf News
