1. Explain how nations can enhance their competitive advantage. 2. What are the determinants of national competitiveness? 3. Provide at least one example of a country with successful national...

Running Head: NATIONAL COMPETITIVENESS    1
NATIONAL COMPETITIVENESS        2
NATIONAL COMPETITIVENESS
Table of Contents
Introduction    3
1. Ways for Enhancing Competitive Advantages for Nations    3
2. Determinants of National Competitiveness    5
3. A Country with Successful National Industrial Policies    6
Conclusion    7
References    8
Introduction
A nation’s competitiveness depends on the ability of the industries to innovate and upgrade. The United States of America is the most competitive country in the world, followed by Switzerland in the second place and Hong Kong in the third place. In the list of top ten competitive countries, there is one country from the Middle East, which is Qatar (Adams, 2013).
1. Ways for Enhancing Competitive Advantages for Nations
Enhancing competitive advantage for a nation is not an easy task. It is a time consuming process and requires a heavy investment for development of infrastructure, society, markets and others factors. In order to enhance the competitive advantage, nations can develop the following attributes:
Improvement of factors of production: A country is regarded as competitive if it has ample availability of factor of production. According to the views of Solvell (2015), lack of factors of production makes the country unviable for business operations. Factors of production includes labor, capital, land and entrepreneurship. Investment in people for increasing productivity and increasing the flow of money in the market can help the country in enhancing the competitive advantage.
Increasing domestic demand: The demand of a home country greatly affects the competitiveness of the country. There is huge demand in the United States of America, and is increasing each year. Countries like Saudi Arabia need to increase in house consumption of the goods manufactured in the state. This will enable the country to become one of the preferred investment destination across the globe.
Development of related and supporting industries: Countries in the Middle East like Saudi Arabia depend heavily on oil-based industries along with tourism. As stated by Lomer, Papatsiba and Naidoo (2018), there is a need to develop the related and supporting industries to ensure that all the raw material, finished goods and scrap materials are used for production of something. This will reduce the wastage of products, thereby providing benefits to the business houses. The development of supportive industries will enable the industries in Saudi Arabia to procure raw materials easily along with an easy market for selling the finished goods. Development of a healthy business infrastructure will be helpful in enhancement of competitive advantage.
Process of creation, organization and management of companies: According to the perspective of George and Henthorne (2018), presence of laws and regulation plays an integral role in development of business environment in a country. The countries having a stable judiciary enjoy a superior position in the list of countries with high competitive advantage. The process of creation and management of companies should be improved in Saudi Arabia to ensure that the...