LONDON: The Digital Cooperation Organization and the World Economic Forum launched a Digital Foreign Direct Investment Initiative today at the WEF annual meeting in Davos to boost global foreign direct investment in the digital economy.
The agreement stipulates that the DCO and WEF work together to identify methods to increase digital adoption, investment in new digital activities, and investment in digital infrastructure.
Additionally, the DCO and WEF will conduct research to contribute to global understanding of the regulatory challenges currently preventing countries from realizing the full potential of digital FDI.
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 addition to facilitating knowledge-sharing of successful reforms among countries.
Commenting on the launch, Borge Brende, president of the WEF, 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.”
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.
According to the WEF, DCO member states provide a valuable market opportunity to investors and entrepreneurs alike.
“As the first and only global multilateral focused on enabling digital prosperity for all, the DCO is partnering with the WEF on a Digital FDI Initiative to help countries develop digital FDI-friendly investment climates,” DCO Secretary-General Deemah AlYahya commented.
“We invite digital innovators with a commitment to economic development and inclusion to join us.”
Isa Ali Ibrahim Pantami, minister for communications and digital economy of Nigeria, a DCO member state and one of the countries where digital FDI enabling projects will be implemented, said: “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.”