JERUSALEM | On Saturday, February 9, and in the framework of Al-Quds University’s ongoing endeavors to contribute to domestic socio-economic development, the Faculty of Economics and Business held a workshop on the role of Competitiveness in building strategies necessary for enhancing the competitive power of national economy.
Presented by Dr. Ibrahim Awad, Associate Professor of Applied Economics / Econometrics, the workshop titled “Economics of Competitiveness and their role in building strategies for enhancing the competitive power and character” tackled the economic elements that constitute a sound economic development. He highlighted the crucial factors and indicators of Competitiveness that function at the micro-economic level and take part in economic growth and prosperity.
Emphasizing the role of competitiveness in achieving economic development, which ultimately leads to social development and well-being, Dr. Awad said that start-ups and medium-sized economic projects are desperately essential to achieve economic development. “Coupled with the aptitude of the private sector to create innovative ideas in response to the demands of the market, well-planned small and medium sized projects qualify for economic growth,” added Awad. In this respect, he called on investors in the private sector to exert more effort in the quest for creating new job opportunities in order to contribute to eliminating unemployment.
Expert on Macro-economics, as well, Dr Awad maintained that productivity in the private sector is better attained in the context of fair wages and reasonable inflation rates combined with insightful implementation of economic and fiscal national policies.
Dr. Awad also drew on how geography impacts competitiveness and business clusters and the way different countries handle geographical determinants to boost their economies.
An economist, Dr. Ibrahim Awad concluded that Competitiveness in business is based on productivity and focuses on the microeconomic foundations of competitive advantages that underpin productivity in nations, regions and clusters. “Competitiveness is the only way to achieve sustainable job growth, improve wages, and raise the standard of living”.
The present workshop fits in Al-Quds University’s ventures to establish an institute for the strategies of Competiveness, under an agreement for cooperation between the university and Harvard University which was signed by the parties in 2018. The institute is planned to offer a Master’s program in economic development and strategies of Competitiveness, and it aspires to collaborate with concerned sectors to promote Competitiveness and achieve sustainable development in Palestine.