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2018 | OriginalPaper | Chapter

10. Economic Diversification and Empowerment of Local Human Resources: Could Singapore Be a Model for the GCC Countries?

Author : Veronika Cummings (née Deffner)

Published in: Economic Diversification in the Gulf Region, Volume II

Publisher: Springer Singapore

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Abstract

This chapter analyses the similarities and differences between the GCC and Singapore with regard to economic diversification strategies. The key for a successful and, thus, sustainable diversification process for the GCC is to reduce the high dependence of the economic revenues away from the hydrocarbon sector. However, an ongoing concern is the continuing need of high foreign workforce that collides with the demands for greater employment opportunities for national citizens. The challenges of those nationalisation strategies will be examined at the example of the Sultanate of Oman.

Singapore represents one of the most sought-after models of an advanced diversified service economy. Albeit struggling with similar structural challenges in diversifying its economy and in dealing with a still high reliance on an international workforce, it could offer experiences with general features and practices for the strategic planning and implementation of the diversification process and the focus on education, research, development, and innovation to bring up own national workforce.

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previous chapter Economic Diversification in the GCC and the Korean Experience

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Title: Economic Diversification and Empowerment of Local Human Resources: Could Singapore Be a Model for the GCC Countries?
Author: Veronika Cummings (née Deffner)
Publisher: Springer Singapore
Book: Economic Diversification in the Gulf Region, Volume II
Print ISBN: 978-981-10-5785-4

Electronic ISBN: 978-981-10-5786-1

Copyright Year: 2018
DOI: https://doi.org/10.1007/978-981-10-5786-1_10

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