Generate weighted multidimensional index with Likert-data

Dear all,

I am a bit desperate and hope you can help me with my issue. I'm analyzing the economic attractiveness of several countries. To do so, I asked practitioners to evaluate 17 dimensions on a 1-5 (5 best) Likert-scale how important these dimensions are. In the next step I want to create a weighted index with these 17 dimensions. Therefore I need to transfer the survey likert-outcome into weights.

I thought about the following: I take per dimension the likert-mean from my survey. Then I sum up all means. My weighting for the index would then be the dimension-mean/total-means.

I just illustrate this: E.g. the mean for culture is 3, for economy it is 5 and for politics it's 4. My Culture weight would be 0.25, for economy 0.42 and for politics it is 0.33. Then I take my data (standardized) and multiply it with each dimension weight to create a country rank.

Is this a common approach? If yes, is there a name or a paper to further investigate it? If not, do you have any other suggestions?

Thanks a lot for your support!

Best regards, mibikeks