A new initiative will aim to boost global foreign direct investment in the digital economy, following the formation of a partnership signed in Davos, Switzerland between the Digital Cooperation Organization (DCO) and the World Economic Forum (WEF).
The agreement 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 realizing the full potential of digital FDI.
“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,” said Børge Brende, president of the World Economic Forum.
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 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,” said 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.
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 Program with Jordan’s Al Hussein Technical University (HTU).
