KUALA LUMPUR, Two internationally known Swiss-based organisations have organised the Global Conference on National Competitiveness and Nation Brand 2023 to address the global competitiveness of a country and its criteria, among others, in the midst of geopolitical tensions.
The national competitiveness rankings of 62 economies were released at the Global Conference which was organised by the Institute for Industrial Policy Studies Switzerland (IPS-S) and the United Nations Institute for Training and Research (UNITAR), with Institute for Policy and Strategy on National Competitiveness (IPSNC) and the Institute of Nation Brand Promotion as hosts.
“We believe that the insights garnered from this conference will be invaluable to scholars, practitioners, and policymakers, offering a deeper understanding of national competitiveness and sustainable growth strategies,” said IPS-S chair and Seoul National University professor emeritus of Strategy, Dr Dong-sung Cho.
According to a statement, a nation’s competitiveness matters because it is a gauge for the sustainability of its economic growth and prosperity, while also signalling how well a nation will handle unforeseen challenges and other situations in which adaptability is required.
The two authors of the IPS national competitiveness research, Dr Cho and Dr Hwy-chang Moon explained that they could see limitations in other competitiveness ranking systems, with Dr Cho developed the “9-Factor Model” which assesses a nation on four physical factors, four human factors, and also chance events.
By analysing these elements, plus factoring in unexpected conditions or opportunities for growth, the governments of the 62 countries can understand where they stand and tailor national strategies to improve their respective rankings.
Based on its research, IPS-S and UNITAR release two national competitiveness rankings, one based on cost strategies and the other on differentiation strategies as competitiveness of countries can differ even if they have similar levels of endowed resources.
For example, Canada, Australia, the United Arab Emirates, China and New Zealand, were the top five in 2023 IPS cost strategy rankings, which refers to how well their businesses offered the best value for lowest costs while achieving corporate sustainability, growth, and a stable workforce and production.
However, according to the 2023 IPS differentiation strategy rankings, Denmark, Switzerland, the Netherlands, Finland and Singapore ranked the highest, in which differentiation refers to a nation’s businesses that offer distinctive and/or superior products with extra value and brand recognition.
According to UNITAR, IPS-S, and the Taylor Institute of Franklin University Switzerland, countries could improve their national competitiveness levels by working with other countries.
Source: BERNAMA News Agency
