ID4Inclusion: Trinidad and Tobago to benefit from UNCTAD supports - ITREALMS

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Trinidad and Tobago, a Caribbean country with over 1.5 million people, is about to launch its national digital identity system, reports ITREALMS.

The government-owned system, known as e-ID, will provide Trinidadians and Tobagonians with unique digital identifiers to enable digital signing and expand access to financial, education, health and private-sector services.

Nigeria records negative FDI in 2022 says UNCTAD - ITREALMS

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The Foreign Direct Investment (FDI) into the Federal Republic of Nigeria in 2022 turned negative to -$187 million as a result of equity divestments, reports ITREALMS.

Disclosing this, the World Investment Report 2023 published recently, ITREALMS gathered that FDI flows to Africa also declined to $45 billion in 2022 from the record $80 billion set in 2021, which also accounted for 3.5% of FDI globally.

FDI: Africa suffers decline by $45bn in 2022 says UNCTAD - ITREALMS

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The latest from the United Nations Conference on Trade and Development (UNCTAD's) World Investment Report 2023, has revealed that international project finance deals targeting Africa declined by some 47 per cent in value, reports ITREALMS.

The World Investment Report 2023 published recently, ITREALMS gathered saw foreign direct investment (FDI) flows to Africa declined to $45 billion in 2022 from the record $80 billion set in 2021, which also accounted for 3.5% of FDI globally.

How to steer tech agenda with social activism - ITREALMS

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The recently released Technology and Innovation Report by the United Nations Conference on Trade and Development (UNCTAD) has shown that there are some five ways social activism could steer technology agenda, especially in developing economies, reports ITREALMS.

UNCTAD in the report outlined five ways in which vigorous social activism could play a role in changing technology to become more people oriented.

UNCTAD facilitates trade, transit in developing countries - ITREALMS

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The United Nations Conference on Trade and Development (UNCTAD) has concluded training for 61 transit coordinators from 12 countries across Africa and Latin America, reports ITREALMS.

UNCTAD in its latest newsletter available to ITREALMS said its training gave boost to the capacity of national transit coordinators, easing the flow of goods across borders and strengthening economic cooperation in Africa and Latin America.

UNCTAD, Commonwealth Secretariat expand development cooperation - ITREALMS

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The two organizations will broaden their existing cooperation to promote the ocean economy, curb plastic pollution, support least developed countries, bolster the digital economy and boost gender equality.

The heads of UNCTAD and the Commonwealth, Rebeca Grynspan (left) and Patricia Scotland (right), at the Palais des Nations on 31 August 2022.

UNCTAD Secretary-General Rebeca Grynspan and her Commonwealth Secretariat counterpart Patricia Scotland signed a memorandum of understanding (MoU) on 31 August to strengthen cooperation in various areas of work.Secretary-General Grynspan said stronger collaboration would enable the two organizations to contribute more to global efforts to tackle the multiple crises facing the world.

UNCTAD unveils Rapid eTrade Readiness Assessments on 3 countries - ITREALMS

ITREALMS:

Mobile connectivity is fueling e-commerce in Madagascar, Uganda and Zambia, priming them to better engage with the digital economy, assessments by the United Nation Conference on Trade and Development (UNCTAD), reports ITREALMS.

Top on the latest report of the prospects that new technologies could boost trade in the three African countries were found in the Madagascar, Uganda and Zambia.
ITREALMS gathered that the three distinct reports demonstrated readiness across seven policy areas in the UNCTAD-led e-Trade for all partnership, were launched at the opening of the first Africa eCommerce Week in Nairobi, Kenya.

According to the UNCTAD Secretary-General, Dr. Mukhisa Kituyi recommendations in the reports lay the ground for e-commerce stakeholders to act.

“The benefits of the report recommendations will not be felt unless they are effectively implemented,” Dr. Kituyi said. “This will require integrating specific elements of the recommendations into national development plans, government and private sector initiatives, ICT policies and strategies, regulatory frameworks and development projects,” he said.

Although e-commerce and digital entrepreneurship are snowballing on the continent – more than 21 million Africans shop online – countries are at very different stages of development, the UNCTAD reports show.

For instance, Uganda’s mobile transactions amounted to a staggering $16.3 billion, half the national GDP. But Zambia, where mobile money is gaining momentum, lags since Zambians prefer cash-on-delivery for e-commerce transactions. In Madagascar, only 6% of the population use the Internet and only 4 per cent  have bank accounts. But this means retailers are more likely to accept online payments via mobile phone.

All three countries face challenges in expanding information, communication and technology (ICT) infrastructure, improving trade logistics and access to financing for e-commerce ventures. The reports offer insight into the country-specific elements that could help unlock certain areas of the digital economy.

Remmy Nweke/ED, Ops

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Digitalisation to spur opportunities, entrepreneurship - UNCTAD

ITREALMS:

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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E-commerce grows to $2trn globally

ITREALMS:

United Nations Conference on Trade & Development (UNCTAD) has grew the electronic commerce market globally estimated at $2 trillion in 2015, reports ITRealms.

The UNCTAD's 2017 Information Economy Report, ITRealms reports placed the value of global e-commerce increased to an estimated $25 trillion in 2015, up from $16 trillion in 2013.

The report stresses that the world is on the cusp of a 'new' digital economy, which will have transformational impacts on the world economy, creating both opportunities and development challenges

UNCTAD also said that its eCommerce Week 2018 will place particular emphasis on the role of digital platforms, a key feature of the evolving digital economy.

Digital platforms - often accessed through mobile apps - bring together and aggregate demand and supply in ways that were not possible before (being faster, cheaper and more easily coordinated), including in geographical areas/service sectors traditionally neglected.

Digital platforms present new opportunities for international trade and efficient economic activities, including for small businesses. However, the extent to which people and enterprises engage and benefit from such platforms varies considerably. There are indeed concerns that they will disrupt economies, with potential negative consequences for employment and working conditions.

ITRealms reports that the fourth E-Commerce Week, with the theme "Development dimensions of digital platforms", will offer a venue for different stakeholders to discuss key challenges and opportunities arising from such platforms, and put forth concrete actions to harness maximum benefits for developing countries.

Nonye Dom/GEE

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2016 World Development Report harps on Internet as digital dividend

ITRealms:

The World Bank Group and United Nations Conference on Trade and Development (UNCTAD) in joint World Development Report 2016 harped on the digital dividends via the Internet for developing nations, reports ITRealms.

The report due for launch on Monday, February 1, 2016, ITRealms exclusively gathered is co-hosted by World Bank and UNCTAD in Geneva

ITRealms also gathered that the report examined how the Internet could be a force for development, especially for the poor in developing countries. 

The report, ITRealms further learnt documented many profound and transformational effects of digital technology, but find out that the broader benefits have fallen short and are unevenly distributed. 

To ensure that everyone benefits, the report argued that technology adoption will not be enough. 

Countries, for instance, the report said, will need to address the "analogue components", for example by strengthening regulations enabling firms to connect and compete, adapting worker's skills to the demands of the new economy, and ensuring that institutions are accountable.

ITRealms equally gathered that the report partly draws on research undertaken by UNCTAD in the area of the development implications of ICT.
 

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