Write an individual essay to argue how any element or elements of the Saudi history shape(s) the country’s response(s) to sustained global competitiveness.
In Arabian Peninsula, Saudi Arabia is the largest country. The key advantage of Saudi Arabia is the economic growth. Apart from that, government of Saudi Arabia demands that they are the top most country in Arabia region that has wide range of diversify business. Moreover, Saudi Arabia is also best known for its holiness. Holiness of Saudi Arabia attracts people in their pilgrimages in each year. Since 1995, the country was an important member of WTO (World Trade Organisation). Key aspect of Saudi Arabia is the free movement with the country. Trade relations and transparency is also major aspects of Saudi Arabian’s region (Sagia.gov.sa, 2015). Transportation system of Saudi Arabia creates links with all part of the country that allows in building infrastructure of the country. However, growing economy and religious pilgrims as well as the membership of WTO are the key strengths of Saudi Arabia.
Elements of Saudi History that shapes sustainable Global competitiveness
Institution: Legal, civil and political environment of Saudi Arabia are the basic blocks of attaining competitive advantages and sustaining it. The government of Saudi Arabia the members of Saudi Arabian country provides property rights that includes intellectual property. The institution of commercial and civil supports most to the government of Saudi Arabia in terms of attaining global competitiveness. In order to builds and sustain global competitiveness, Saudi Arabia hire workers from all part worldwide. Consciousness and norms of corporate boards helps in protecting the minority of shareholders in order to make higher benefits in terms of increasing sustainability of global competitiveness.
Infrastructure: From the view point of business, Saudi Arabia provides modern business structure. However, quality of the business structure varies based on regions. Government of Saudi Arabia announced to upgrade the entire airport capacity. Apart from that, in Saudi Arabia SAR 540 million speed in unloading and uploading consignments services. In order to enhance the terminal quality, Saudi Arabia government takes long term plan for considerations. Caiazza & Nueno (2014) argued that infrastructure of Saudi Arabia has lot of opportunity. Downstream sector and natural resources of Saudi Arabia develops a sophisticated infrastructure. Moreover, growth rate of economic creates capable internal transport system. Apart from that, industrial ambition and booming population of Saudi Arabia creates large scale demands especially for the electricity distribution and generation.
Primary Education and Health: From the significant prospect of econ0mic growth, primary education in Saudi Arabia was made in high standard. Expenditure of Saudi Arabia in educational system is too much high according to the world standard. The government of Saudi Arabia always look forward for providing quality primary education to the people. In order to make the education world standard, education department of Saudi Arabia focused in developing k-12 curricula. In order to enhance the learning environment, Saudi Arabia implements e-learning tools throughout the country. For improving the skills and knowledge of the teacher, provides training and professional development skills. In order to provide training, Saudi Arabia involved Ministry of Education staff (Sagia.gov.sa, 2015). However, in terms of maintaining global competitiveness, Saudi Arabia firmly focused on attaining interest of their people through developing the additional competitiveness.
Market Efficiency: Saudi Arabia provides goods and services to market with proper law and supporting efficiency. The government plays important role in promoting the market efficiency for domestic and international involving private monopolies, public, subsidies, laws, taxes, etc. Lanvin & Evans (2013) cited that Saudi Arabia embrace the liberalization in far reaching market. Apart from that, policy of government of Saudi Arabia support their goods market especially in three tracks such as direct support to entrepreneurship, mitigate the limitation in business, open the foreign participation.
Macroeconomic Stability: Supportiveness and stability of macroeconomic of Saudi Arabia distorts high inflation rate. From the last three year, Saudi Arabia maintains properly in their macroeconomic position based on global. According to market review, Saudi Arabia raises their national market saving rate and the debt of public’s down payment. Thus, Saudi Arabia reduces their current financial crisis and produce stability (Lee et al. 2012). Apart from that, strong liquidity position was retail by Saudi Arabia proper like the other developed country such as USA, Australia, Netherlands, etc. In order to reduce the booming of global economy and meet the all step of challenges, Saudi Arabia constrained their monetary policy by the peg of dollar. IT allows the country in meeting their necessities of ongoing process via significant measure. Thus, Saudi Arabia successfully covers position in the globe and developing wide range of policy; laws, infrastructure as well as system attain global competitiveness as well as sustain their competitiveness.
Caiazza, R., & Nueno, P. (2014). Corporate strategies of automotive firms: how to become global leaders. Competitiveness Review, 24(2), 119-123.
Lanvin, B., & Evans, P. (2013). The global talent competitiveness index 2013. Singapore: INSEAD.
Lee, C., Ho, J., & Niu, K. (2012). Guest editorsâ€™ introduction to the special issue on regional clusters and global competitiveness. Competitiveness Review, 22(2).