Factors Affecting Global Competitiveness

Business firms abide by the rules and regulations formed by the government. The government assumes a very important role in enhancing competitiveness. Governments must promote trade by reengineering systems and procedures. Governments should be more responsive, reducing bureaucratic red tape.

●      Physical infrastructure plays a critical role in improving the global competitiveness of a country. This will lead to the smoother movement of people, products, and services, facilitating faster delivery of goods and services.

●      The business environment should be as such that it improves coordination among public-sector agencies. The best methods include providing support and incentives for R&D activities, HRD and education, encouraging innovativeness and creativity, facilitating the improvement of industrial blocks, and productivity enhancements of SMEs.

●      High total factor productivity (TFP) is a boon for economic growth. It shows the synergy and efficiency of both capital and HR utilization and promotes national competitiveness.

●      Productivity campaigns are important because they promote public-awareness and provide mechanisms to use the productivity tools and techniques.

●      Intensifying R&D activities that contribute to creativity, innovation, and indigenous technological development is also an important factor.

●      Improving the capacities of SMEs to become increasingly productive suppliers and exporters makes strategic sense.

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