Knowledge economy key to sustainable progress

Preparing a future generation that is well-equipped to face fresh challenges while building up on a diversified economy is the best way to bring about sustainable development in the country.
The UAE’s boost to the knowledge-based economy stems from the fact that to ensure diversification of economy, the country’s educational set-up has to be strengthened. The Ministry of Education is making significant changes in the
education system that will help the country’s economy to become flexible and go for innovative expansion. The new education system is focusing on upgrading teaching methods. It must concentrate on providing new vocational training
opportunities to the students, while honing their skills. Such occupational
education will increase their competency in special professions that they opt for.
Modern economies depend on knowledge. Therefore, it is imperative that the reforms in the education sector help in developing knowledge that will steer the economic and social growth of the country. Reforms must include sustained research and huge investment in new educational tools that can make learning a fun. When students start enjoying a subject, they will embark on experimenting things — which will spur innovation. While educational institutions should give importance to science and maths, they shouldn’t forget that moral values and humanitarian subjects are equally important to shape a child’s character and develop personality. Only through a blend of good character and strong
personality can one become a successful entrepreneur, a scientist or an artist.
The UAE has adopted the Science, Technology and Innovation’s Higher Policy, which includes 100 national initiatives. Education is one of them. The World Economic Forum in its recent Global Competitiveness Report ranked the country among the top nations in the education index. Besides, the National Innovation Strategy envisions setting up innovation labs in schools and universities that can assist students — the future entrepreneurs — to think out-of-box. The labs have to instil responsible business culture and give thrust to creativity while unlocking students’ potential. The knowledge that is imparted today will groom a student into becoming a result-oriented youth.
Knowledge-based economy calls for investment in human capital — the biggest asset of the UAE. It is the cornerstone of the economy, which will help the country to advance towards the Vision 2021 goals. The young generation holds a lot of potential to buoy the economic progress of the country. The government is putting in huge efforts to implement educational policies that drive the knowledge economy. The private sector can also play a big role in shaping the education sector by collaborating with educational and research institutions and vocational education providers. A synergy will pave the path for the knowledge-based economy in the years ahead.
For sustainable economic diversification, it is crucial to develop future avenues that wean us away from oil. To do so, the country needs educated youth who have skills and competencies required to chart out a new economic path. And such competencies can be inculcated through an effective education method.
Recently, Finland’s Minister of Education Sanni Grahn-Laasonen, who was in the UAE, said, “Finland and the UAE are both brave nations, looking to develop sustainable future, and knowledge is the best tool to build a future.” Finland has revolutionized education by decentralizing it. As the UAE is giving thrust to knowledge economy, it is surely on the right track of building a sustainable future.