A free and open market remains the best way to create jobs and opportunities for entrepreneurs and to generate and distribute wealth.
However, this also demands that countries are able to match up to the highest international standards of quality and service. In the latest move to ensure the success of the UAE in international markets, the Abu Dhabi government will introduce legislation to improve transparency and corporate governance in companies and encourage a culture of competitiveness in individuals and institutions.
"Foreign investors are attracted to countries where there is good corporate governance and it is easy to do business", said Dubai-based English language local daily, Gulf News, in its editorial on Tuesday.
It underlined that the UAE is a globally and regionally competitive country, as shown by its overall ranking in the World Bank Report on Doing Business 2012 (33) and the Global Competitiveness Report 2012 (27).
But, as the UAE is acutely aware, "in the global economy, countries can only maintain their competitiveness by constantly improving in every area," the paper concluded.