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On road to sustainable, knowledge-based economy

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With innovation as byword for development, the UAE is taking a slew of steps to shore up its economy as it rings in 2016. All these plans are being chalked out with an eye on the future. From clean technologies to bio-technology and space research, achieving sustainability is what fuels these long-term projects.
Putting focus on inclusive growth, the UAE is giving thrust to small and medium-sized enterprises (SMEs). SMEs will form the backbone of economy in the days to come. Young entrepreneurs have to be extended all help to chart a course, which takes care of ecological concerns as well as adopts novel techniques to do business. As start-ups gain ground, more and more creative trade practices and enterprises are poised to flourish.
Renewables is another area which is rightly being given huge importance. Non-conventional energies are necessary to be tapped and non-oil sectors, including tourism, must be harnessed to their full potential. Investment in clean technologies will become the mantra for economic growth. When investors pump in money into green energies, the cost of producing them will come down. It will help reduce the carbon
footprint too.
To sustain a robust and smart economy, it is crucial that the future of the country – the children – are trained to think innovatively. The National Innovation Strategy that envisions setting up innovation labs in schools and universities will go a long way to make students realise the advantages of out-of-box thinking.
Let’s welcome 2016 with the belief that a knowledge-based economy ushers in sustainable economic development and enhances the quality
of life.

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