Optimistic and pessimistic views surrounding technological innovation is akin to mood swings in any aspect of life. It is a fine balance to maintain as the world shifts from pre-Covid to Covid norms, from peace to war, from economic stability to recession, as well as from a long forgotten green to fully fledged fossil fuel…(and hopefully vice-versa, sometime soon?)
In this issue, we will for instance illustrate the unprecedented collaborative effort that was catalysed at an international level to support the definition of the digital economy strategy now published by the League of Arab States. So many perspectives were shared during the last two years of intensive exchange, and I was honoured to be officially invited as the only European media company representative to participate in the ongoing discussions.
As far as innovation and digitalization are concerned, a change in pace is predominantly driven by the speed of innovation resulting from the pandemic. Scientists rapidly and effectively produced Covid-19 vaccines, workers across the globe moved to digital technologies to do their jobs and digital payments became more and more prevalent.
Although traditional skills and professions may fall by the wayside with increased automation, some pundits say it could pave the way for new, better paid, more valuable jobs. Also, major players have knowledge and insight through research and experience to ensure that the fourth industrial revolution can be a more sustainable one, unlike in history when everything was new and invention untried. What we know is that rapid advances in technologies including artificial intelligence, robotics, the internet of things, nanotechnology and biotechnology underpin the wave of innovation and – as ever – private and public sectors need to work in together on skills investment to deploy new technological tools, such as for next-generation clean distributed energy grids.
New developments are already being seen in both developed and developing economies around the world. This also includes finance. For example, the Africa Digital Financial Inclusion Facility (ADFI), backed by the Bill and Melinda Gates Foundation, accelerates financial inclusion by investing in the expansion of digital financial services across Africa. This said, it is not just about money. Bill Gates himself has stated commitment and skills are key and “innovation is not just a check-writing process”.Meanwhile, European Member States have been advancing in their digitalization efforts in the transformation of SMEs and the roll-out of advanced 5G networks. However, the Commission’s Recovery and Resilience Facility findings show the adoption of key digital technologies by businesses, such as (AI) and Big Data remains low.
Looking east, last year, the value of China’s digital economy reached 45.5 trillion yuan ($6.2 trillion), according to the State Council Information Office. It states China views the digital economy as critical for its overall development objectives towards 2025. These include key sectors such as sensors, quantum computing, AI, and blockchain – as well as renewable energy technologies.
Social media is another area of concern if it is to be effective in helping boost digitilization and sharing of innovative ideas and policies. Elon Musk buying Twitter is a case in point and some observers say that the power of platforms in shaping the digital public sphere means they should not be in the hands of billionaires, no matter how tech-savvy. However, the US Government has some plans in place with the forthcoming Digital Services Act (DSA), which will subject Twitter to close scrutiny and any failure to abide by the regulations could be costly for any non-compliant platforms. Perhaps this will be emulated more strongly elsewhere around the world.
So as we move forward – and look back – one thing is certain. We know technology can change not only how we produce and connect, but also how we live and thrive allowing us to innovate, create and develop.
Sophie Boyer de la Giroday