Effective governance boosts digital economy
ABU DHABI:The Oman Chamber of Commerce and Industry (OCCI) is participating in the 14th AIM Investment Summit, currently underway at the ADNEC Centre in Abu Dhabi. Various presentations by OCCI officials during the prestigious 3-day summit emphasise the importance of legislation and governance in fostering the growth of a digital economy.
The summit began on Monday, April 7, under the theme 'Mapping the Future of Global Investment: Towards a Balanced Global System'. Representing OCCI at the event are Eng Ibrahim bin Abdullah al-Hosani, Member of the Chamber's Board of Directors and Chairman of the Committee on Digital Economy and Artificial Intelligence, and Zakariya bin Abdullah al-Saadi, CEO – OCCI.
Eng Al-Hosani participated in a panel discussion on the sidelines of the summit titled "Anticipating the Digital Reality", which explored ways to turn virtual economies of the future into tangible opportunities. During the discussion, he highlighted the importance of legislation and governance in supporting the digital economy and artificial intelligence technologies. He also pointed to the impact of global changes in tariffs and taxation on the growth of this fast-paced sector.
Al-Hosani explained that global indicators confirm the digital economy is the primary driver of global economic growth, expected to contribute 70 per cent of total growth by 2030. This growth will be propelled by the advancement of artificial intelligence and digital infrastructure. Estimates suggest the global digital transformation market will double in size from $470 billion in 2020 to over $1 trillion by 2025, contributing to job creation and enhancing innovation.
He stressed that the digital economy cannot thrive without a clear legal framework that protects data, ensures intellectual property rights, and fosters fair competition. He noted that investors seek not only promising opportunities but also a secure legal environment that guarantees the stability of their investments. Countries that implement clear regulatory frameworks attract up to 30 per cent more foreign investment.
Zakariya al-Saadi, CEO, stated that the Chamber's participation in the AIM Investment Summit is an important opportunity to enhance Oman's position as an attractive regional investment hub. This is achieved by building new bridges with international partners and exploring innovative investment opportunities that align with the country's aspirations for economic diversification.
He added that the Chamber's participation reinforces its efforts to implement strategic directions for digital transformation, especially as the summit focuses on the digital economy and showcases initiatives from various economic stakeholders. Al-Saadi noted that through this participation, the Chamber looks forward to fruitful outcomes that will positively impact the business and investment environment in the Sultanate of Oman. The summit serves as a vital platform for exchanging ideas and experiences and for creating opportunities for networking and partnership building among global investors and economic leaders, with the aim of exploring the future of alternative investments in an ever-changing world.
The Summit brings together heads of state, ministers, central bank governors, city mayors, heads of stock exchanges, and around 1,250 speakers and exhibitors. The summit has also attracted 20,000 participants from 180 countries around the world, aiming to explore the latest trends and developments in the global investment landscape, address current and future challenges, and unify global efforts to find appropriate solutions – contributing to sustainable economic development.
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