According to His Highness Sheikh Mohammed bin Rashid, the economy plays a pivotal role in shaping life, maintaining leadership, and fostering growth. He emphasizes the urgent need to transition to the age of the knowledge economy. The relentless pace of development towards this knowledge-based economy is evident, aligning with the characteristics of the traditional industrial economy but with a transformative impact.
The knowledge-based economy, driven by the dynamic and active engine of knowledge, necessitates mobilizing high human skills to meet its evolving needs. In this new economic paradigm, 75 percent of human capital in advanced economies relies on intellect and imagination rather than physical labor. This shift underscores the importance of fostering a knowledge society as a prerequisite for sustained transformation.
The essence of this transition lies not just in the knowledge economy but in the broader shift towards a knowledge society. Challenges faced by many countries, particularly in the Arab region, in building their knowledge societies include education and knowledge dissemination. Access to a knowledge-based economy requires comprehensive educational development, from early childhood to post-university education, calling for national programs to prepare teachers and enhance educational infrastructure.
The transition towards a knowledge society encompasses social, cultural, economic, and institutional dimensions. Knowledge, in this context, spans diverse fields and sectors. However, the primary focus is not solely on the knowledge economy but on the overarching shift to a knowledge society.
Addressing challenges in building knowledge societies includes enhancing education systems at all levels, preparing teachers through national programs, and establishing information and communication infrastructure in education. Additionally, the importance of cognitive content in the economy, represented by intangible assets, poses challenges in terms of products, services, exports, imports, and the digital realm.
Knowledge production through scientific research, technical development, and innovation is vital across all sectors, necessitating efforts to build capacities, increase research and development resources, and expand applied research. Education, training, research and development serve as avenues to diversify wealth into knowledge, requiring increased investment in knowledge-related activities, talent development, and innovative programs.
Effective knowledge management presents various challenges, including developing a coordinated roadmap, adopting knowledge management systems, offering incentive packages for knowledge-related investments, applying quality standards, and using digital indicators to measure progress.
Furthermore, the trend towards a knowledge-based economy demands increased citizen interest in knowledge, awareness of the importance of teamwork, and a focus on team spirit. The integration and absorption of technological development should be a collective effort, with organizations recognizing the benefits of AI applications in advancing employee performance.
In conclusion, the journey towards a knowledge society requires addressing multifaceted challenges and embracing opportunities for educational, technological, and societal advancement.
Author : Manahel Thabet
Published October 30, 2017
Al Bayan Newspaper