How AI and Digital Finance Can Transform Economies?
The IDCF International Digital Cooperation Forum recently convened at the scenic Dead Sea, bringing together global leaders to discuss the pressing issues of finance in the digital world and the role of artificial intelligence (AI) in achieving sustainable development.
In an open session, Ms. Dima AlKhatib, Director of the UN Office for South-South Cooperation (UNOSSC), emphasized the urgency of addressing the Sustainable Development Goals (SDGs), noting that only 17% of targets are currently on track, raising a significant red flag for acceleration efforts. 'The digital economy is crucial in overcoming development issues, including climate change and water scarcity. We are clustered in different areas, and all member states must adopt innovative financing strategies,' she stated. AlKhatib highlighted that while there is no shortage of funding, there is a pressing need for effective implementation. 'Sharing experiences is vital, and connectivity along with digital literacy are extremely important,' she added.
Ms. Courtney Powell, COO and Managing Partner of 500 Global, outlined her organization's commitment to investing in emerging markets, particularly through a new model for public-private partnerships (PPPs) and a multi-year roadmap to foster growth in digital economies.
H.E. Mr. Wamkele Mene, Secretary-General of the Africa Continental Free Trade Area, expressed optimism about creating a consolidated single market that could attract investments in AI and other sectors of the African economy. 'A missing element in this vision is a regulatory body. Our end goal is to deploy technology for the future, and it is imperative that venture capital flows from the private sector,' he asserted.
Ms. Barbara Manzi, Regional Director for Arab States at the UN Development Coordination Office, underscored the importance of education in transitioning economies towards digital initiatives. 'We must collectively assess risks, and partnerships are crucial in this endeavor,' she noted.
Finally, Mr. Dieter Hampel, Chairman of the Association and Executive Board Member of AED, pointed out the challenges of entering the AI market due to financing constraints. 'Targeted finance is essential, and while PPPs are a viable solution, sustainability for governments remains a question. We must not forget the importance of civil society and their digital knowledge in this landscape,' he concluded.
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