The Digital Cooperation Organisation (DCO) and the World Economic Forum (WEF) have launched a landmark Digital Foreign Direct Investment (FDI) Initiative to boost global foreign direct investment in the digital economy.  

 

The agreement, at the WEF annual meeting in Davos, Switzerland, will see the DCO and WEF work together to identify methods to increase digital adoption, investment in new digital activities, and investment in digital infrastructure. 

 

In addition, the DCO and WEF will undertake research to contribute to an increased global understanding of the regulatory challenges currently preventing countries from realising the full potential of digital FDI.

 

Digital FDI Enabling Projects

Under the Initiative, the DCO and WEF will launch Digital FDI Enabling Projects in countries around the world, helping them identify and support implementation of policies and measures to increase investment in the digital economy, in additional to facilitating knowledge-sharing of successful reforms among countries.

 

The launch was announced by Børge Brende, President, World Economic Forum, Deemah AlYahya – Secretary-General, Digital Cooperation Organisation, Isa Ali Ibrahim Pantami – Minister for Communications and Digital Economy, Nigeria and Peter Herweck – CEO, Aveva Group.

 

The DCO, which focuses on digital economy initiatives supporting youth, startup entrepreneurs and women, has nine member states with a combined GDP of nearly $2 trillion and a population of nearly 600 million. With 70% of future economic growth set to be digital, according to the WEF, DCO member states provide a valuable market opportunity to investors and entrepreneurs alike. 

 

Global FDI rebounding

The WEF is the International Organisation for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.

 

Brende said: “Global FDI is rebounding, following the Covid-19 pandemic, and investment in the digital economy could not come at a better time. These country projects will help grow FDI into the digital economy, which is key for long-term growth, competitiveness, and sustainable development.”

 

AlYahya commented: “As the first and only global multilateral focused on enabling digital prosperity for all, the DCO is partnering with the WEF on a Digital Foreign Direct Investment Initiative to help countries develop digital FDI-friendly investment climates. We invite digital innovators with a commitment to economic development and inclusion to join us.”

 

Collaboration and partnership

Pantami of Nigeria, a DCO member state and one of the countries where Digital FDI Enabling Projects will be implemented, commented: “The digital economy cannot be developed in silos. There is a need for partnership, collaboration and support, and this what the DCO aims to do, by supporting regulation to support development.  Through the Digital FDI initiative, we are continuing our mission to encourage collaboration and partnership not just between governments, but also investors, policymakers, academics, and everyone involved in the digital economy.”

 

The DCO’s launch of the Digital FDI Initiative with the WEF is one of the organisation’s many initiatives to support the digital economy. Others include the Startup Passport that reduces red tape for startups wishing to scale across member state markets, the Elevate50 partnership with e-commerce platform MakanE to enable 50,000 startups to migrate their businesses successfully online, and the STEM Apprenticeship Programme with Jordan’s Al Hussein Technical University (HTU).-- TradeArabia News Service