What's Driving Global Manufacturing Competitiveness?
June 24, 2010
Access to talent that supports innovation is the key factor driving global manufacturing competitiveness, well ahead of traditional factors such as materials costs and energy policies, according to a new report. Industries and policymakers around the world are struggling with ways to recover from, or at least navigate, a still-volatile economic landscape. It is more important now than ever for countries to put into place the fundamentals underpinning economic growth and development. According to a new report, access to talented workers capable of supporting innovation is the top factor driving global competitiveness in the manufacturing field today, more crucial than "classic" factors typically associated with competitive manufacturing such as materials and labor costs, energy policies and government investments. In the 2010 Global Manufacturing Competitiveness Index
- Cost of labor and materials "The overall cost of labor including all costs of development, compliance and employee benefits, along with the total cost of materials, which include logistics costs and material availability continues to be a critical driver of manufacturing competitiveness," the report explains.
- Energy costs and policies As energy becomes scarce and countries compete to attain energy security and independence, the cost competitiveness of energy, and particularly country-specific clean and sustainable energy leadership, will be a prominent component of [national manufacturing competitiveness," according to the findings.