One way to make an economy competitive is to make its main "ingredients" cheap.
Low taxes reduce the cost of produced items and services.
Cheap labour reduces the cost of produced items and services, allow s more employment of labour intensive industries.
Cheap energy reduces cost of heavy industry, transport and logistics.
Cheap agricultural resources
Cheap agricultural resources reduce the cost of food for people, so ir creates demand for different goods and services.
Cheap mineral resources
Cheap mineral resources reduce the cost of industrial and chemical goods.
Cheap plastics reduces the cost of goods in general, especially consumer goods.
In global competition large companies always look for the most favorable country to run business operations. Usually it's about cheap labour and low taxes. But a country could also be competitive if it reduced the cost of the main "ingredients". Too often base industries like utilities, mining, oil & gas are owned by private companies which try to maximize profits. But by maximizing their profit, they often make whole industries uncompetitive. In some cases, cap the cost of "ingredients" to cost price, could allow many other industries to flourish.
In many cases such a decision would make sense, strategically speaking: a bit like in chess, where it is encouraged to sacrifice low value pieces short term in order to win the game longterm.
Russia did this quite cleverly, where profits from sale of oil is capped at 42 USD/barrel, all excess is going to the sovereign National Wealth Fund which invests in more strategic projects for longterm economic growth.