Wednesday, April 25, 2018

Digitalisation to spur opportunities, entrepreneurship - UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) has said that digitalization will create more opportunities for entrepreneurs and businesses, reports ITRealms.

UNCTAD in its latest policy brief made available to ITRealms, noted that the world is at the dawn of the next technological revolution, bearing transformational implications for all.
“Digitalization will create opportunities for entrepreneurs and businesses, and bring benefits to consumers,” part of the statement read.

Pointing out that the global growth of e-commerce is a good example of this. However, many existing practices will be disrupted, and incumbents exposed to competition. Skills requirements of workers will change, and many jobs will be lost and created due to automation.

Like previous large-scale economic transformations, the UN agency noted that the benefits will be immense, but they will not materialize through a smooth, cost-free transition.

The net outcome will depend on policies undertaken at the national and international levels to build countries’ capabilities – in a wide range of policy areas – to maximize the benefits of these transformations and ensure their equitable distribution.

Consistency with international commitments such as the 2030 Agenda for Sustainable Development requires a strong international effort to ensure that no one is left behind in the transition to a digital economy.

An holistic policy approach towards digitalization and trade would be a step in the right direction towards recognition of the right of people in developing countries to connect to the new world of technological progress and benefit from the prosperous future they deserve.

Nenye Dom/GEE

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