DCO-WEF Initiative for Digital FDI Flows

The World Economic Forum (WEF) and the Digital Cooperation Organization (DCO) announced a new initiative on 24^th May 2022 to enhance flows of digital foreign direct investments (FDI) on a global scale. This initiative’s launch was announced by Secretary-General of DCO Deemah AlYahya, President of WEF Borge Brende, CEO of AVEVA Group Peter Herweck, and Isa Ali Ibrahim Pantami, Nigerian Minister for Communications and Digital Economy.

Why was this agreement signed?

Under this agreement, WEF and DCO will be working together to identify methods to increase investment in new digital activities, digital adoption, and digital infrastructure investment. Also, the DCO and WEF will be undertaking research with the aim of contributing to boosting the global understanding of the various regulatory challenges that are currently preventing countries from realizing digital FDI’s full potential.

What will be launched under this initiative?

Under the initiative, the DCO and WEF will be launching Digital FDI Enabling Projects in countries across the globe and will help them support and identify the implementation of various measures and policies to increase investment in the digital economy. They will also help facilitate knowledge-sharing of various successful reforms among the countries.

What does the DCO focus on?

The DCO has nine-member states having a GDP of around USD 2 trillion and focuses on digital economy initiatives supporting start-up entrepreneurs, youth, and women. According to the WEF, 70 percent of the future economic growth will be digital and the member nations of the DCO will help to provide a valuable market opportunity to the entrepreneurs and investors alike.

Month: Current Affairs - May, 2022

Category: Economy & Banking Current Affairs