New industrial policy in Arab world urged

Manama: New policies are required to unlock the full potential of the fourth industrial revolution (also known as 4IR) in the Arab world as recent technological advances have the potential to fundamentally redefine economies, experts agree.

Leaders from business, government, start-ups and venture capitalists met at the Four Seasons Hotel Bahrain Bay to understand and positively shape 4IR in the Arab World so that it serves all parts of society.

Held under the theme The Arab World in the Fourth Industrial Revolution, the meeting marked the launch of the next phase of the World Economic Forum’s work on the digital agenda for the Arab world.

It is supported by a strong mandate from the forum’s Regional Business Council on the Middle East and North Africa.

“Just as with business, governments that fail to keep pace with immense technological change risk falling behind. Those that embrace change, adapt to change, and anticipate change will emerge, winners,” said Transportation and Telecommunications Minister Kamal Ahmed during his opening address.

“This is why in Bahrain we are finding new ways of ensuring the public and private sectors collaborate, as failing to harness all our talent to control the Fourth Industrial Revolution will risk us missing out on the undoubted benefits it can enable.”

Agreeing with the minister, Khalid Al Rumaihi, chief executive of the Economic Development Board and current chairman of the Regional Business Council for the Middle East and North Africa, said: “Our partnership with the World Economic Forum’s Centre for the Fourth Industrial Revolution on Cross-Border Data Flow exemplifies Bahrain’s vision and commitment to be at the forefront of technological change, but also to help craft region-wide solutions.”

The meeting sought to narrow the gap between the technological potential of the region and the policy agenda required to realise it in three key areas: e-commerce, data flows and new technologies.

Its first phase is focused on exploring innovative approaches that are being tried and tested to harness the benefits of technological advancement in the Arab world.

“In the context of the rapidly spreading Fourth Industrial Revolution, the engagement of key stakeholders has never been more important than today. Reaping the benefits of new technologies while maintaining trust, requires the collaborative efforts of government, businesses and other actors in society,” said Mirek DuÜek, deputy head of the Centre for Regional and Geopolitical Affairs of the World Economic Forum.

Source: http://www.gdnonline.com/Details/442937