Digital Cooperation Organization : The Beginning Of A New Era
The Digital Cooperation Organization (DCO) – a new global organization with the goal of enhancing collaboration in all areas powered by innovation and accelerating the digital economy’s growth – was announced recently at a digital launch event. Saudi Arabia, Bahrain, Jordan, Kuwait, and Pakistan are the participating nations in the initiative.
The event was attended by a number of major names in the industry, including Borge Brende, President of the World Economic Forum, and Secretary-General Houlin Zhao of the International Telecommunications Union. In a multi-national digital roundtable, CEOs, entrepreneurs, and other experts contributed their views to the gathering during which they debated the future of the digital economy. Senior government officials from the five countries participated in the event.
As the world adapts to a global economy increasingly characterized by technological innovation, the DCO aims to enhance cooperation between member nations. The importance of the event comes from the need to collaborate to improve the digital economy.
The nations have joined hands together in a pledge to drive consensus on digital cooperation to ensure that women, youth, and entrepreneurs seize an opportunity with the aim to expand their combined digital economy to $1 trillion in the coming three to five years.
Countries’ future success will rely on the digital economy, but it will only achieve its full potential if governments work together with companies and entrepreneurs so that they can thrive and prosper, extend their depth into existing markets, and open doors to new ones for everyone.
In 2020, one of the key realizations for national economies has been that economies are as strong as their digital economies. The role of the government in fueling the digital economy is pivotal. The GCC countries and governments have been highly successful in this regard; they have set up a lot of funds. They have invested heavily in start-ups and really helped them flourish and contributed to numerous success stories.
The participants insisted that it is no longer appropriate for government agencies to function separately and that the world needs a systemic approach to promote and enable the utilization of ICT to better serve the digital economy. In order to try to create a good atmosphere to promote the development of ICT, regulators need to collaborate with other industries.
The efforts of Saudi Arabia, during its G20 presidency, were also highlighted during the event. A group of leading private sector start-up founders from the area also attended the event, discussing their role in driving digital transformation. They exchanged views on future opportunities between governments and the public for crowdsourcing ideas and technologies, as well as issues related to legislation, workforce skills, global competitiveness, infrastructure, and funding.
The attendees also emphasized the need to work together to address challenges and to begin to imagine a more resilient shared future, whether between the various institutions within each nation or between governments at the global level. It was agreed that this year, there had been positive developments towards accelerating the digital economy. It has had a major effect on the culture of technology acceptance on both individuals and on the governments.
Saudi Arabia will build on this year’s digital economy roundtable efforts to set up and lead an annual digital economy forum to address key opportunities and challenges facing the sector.
This will persuade governments and stakeholders to work together to ensure that policymakers while maintaining stable communities, accelerate the global digital economy through concerted efforts.