By Staff writer
Improvement credited to strengthening of institutions and market sophistication
The UAE has been ranked first among Arab countries and 41st worldwide in the Global Innovation Index.
The index measures the performance of 128 countries and economies on how innovation drives economic growth and prosperity.
The 2016 report sees the UAE move up from second in the Arab world and 47th globally in 2015, according to state news agency WAM.
The UAE’s improvement, announced at the UN headquarters in Geneva on Monday, was credited to its progress in sustainable achievements in innovation inputs, such as strengthening of institutions and market sophistication.
Sultan bin Saeed Al Mansouri, Minister of Economy, said innovation was a major pillar in advancing the country’s economic development and is at the heart of good government policies aimed at placing the UAE among the top 10 countries in the world on the index by the Golden Jubilee of the Union, in line with UAE Vision 2021.
“Innovation is a national approach that requires thinking ahead of the game,” he said. “The UAE has all the opportunities and potential to achieve leaps in the field of innovation by adopting and implementing new technologies and standards such as the Internet of Things, a long-term 3D printing strategy, an inclusive knowledge, and innovation-based manufacturing strategy.”
The UAE ranked first in the world in the cost of redundancy dismissal, ease of paying taxes, tertiary inbound mobility and state of cluster development, said the report.