Articles

An Investigation on Input-Output Indicators of Innovation Strategies of Singapore and UAE

Munshi Naser Ibne Afzal, Shamim Ahmad Siddiqui and Jhalak Gope

Abstract

This paper exhibits the salient properties of innovation and scrutinizes the innovation strategies of Singapore and UAE. The term innovation can be engaged broadly in various economic terms whereas this study specified the generalized form of innovation for a country to achieve the economic and social wellbeing. The study focused on the case study approach by using descriptive statistics. Some significant indications of advanced innovation setting are seen in Singaporean economy in contrast to UAE. Possession of huge in land natural resources in UAE region could not assist the sound development of innovation condition whereas it is visible in Singaporean economy with very low natural resources in proportion of UAE. Singapore’s exports of high tech products are 10 to 5 times larger than those of UAE which signal the better innovation and investment condition of the former. The business incubation is appreciated and banks are found broad toward the startups. The South-Eastern country also identified in better situation than the gulf country in knowledge based innovation - in account of patents and scientific articles published by the residents. The study found innovation as a thrust in economic activity for a country. UAE is a better performer in cost of doing business compared to Singapore. Some more effective policies should be in operation in order to prolong the continued development trend of Singapore, whereas UAE needs more engrossment on business incubation, openness of trade and proper utilization of natural resources. 

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